How Much Does The New Mexico Homestead Exemption Protect?

New Mexico offers a homestead exemption to protect residents from homelessness as a result of debt. Covered by New Mexico statute § 42-10-9, the homestead exemption works for homeowners and renters. So, as long as the person owns, leases, or is in the process of buying the dwelling they are living in, they can claim the exemption. This makes the person $60,000 exempt. That’s how much is safe from many creditors. It also makes the person $60,000 exempt during bankruptcy. It also makes the person $60,000 exempt during probate. Plus, if two people own the property, both of them get a $60,000 exemption!

There are a few situations where the New Mexico homestead exemption don’t apply:

  • If the property was pledged as credit for a mortgage.
  • When the property had a pre-existing lien at the time of purchase.
  • If your debt is to the State of New Mexico or local governments.
  • Debt to mechanics, builders, contractors or others for work done on the property to fix or improve it.

It’s also possible that the exemption might not withstand the IRS if the property became sold off before its federal tax lien expired.


If you’re interested in moving to or within Northern New Mexico, contact Coldwell Banker Headin’ Home Realty for all the best listings and most up-to-date information. We are your Angel Fire area experts. Our talented, helpful real estate agents in Angel Fire specialize in residential homes, commercial buildings, condos, vacant lots, and ski properties. We’d love to help you find property with ski in ski out access in the Angel Fire, Eagle Nest, Red River, Mora, Colfax County, Taos, and the Taos Ski Valley areas.

Reach us by telephone at 1-575-377-1192 or by email. Check out our online listings from the comfort of your home. View virtual tours of Angel Fire real estate. You can also just swing in and see us! We are located right in the heart of Angel Fire, in the Mountain View Mall next to Lowes Grocery Store.

Don’t forget to find us on Facebook for the latest information on Angel Fire property listings! So, whether you are looking for ski property, land, or a mountain home, we are eager to help make your dream come true!



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