Yes. Depending on income level, taxpayers 65 years of age or older may be eligible for a deduction from taxable income of up to $8,000 each.
Low-income taxpayers may also qualify for a property tax rebate even if they rent their primary residence. Beginning with tax year 2002 persons 100 years of age or more who are not dependents of other taxpayers are exempt from filing and paying New Mexico personal income tax.
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