Commercial real estate leaders in New Mexico are focusing on a strategy for 2027 after a cap on nonresidential property tax valuation increases failed to advance in the legislative session. The cap, proposed by NAIOP New Mexico and the New Mexico Association of Counties, was 5% per year. Despite strong support from NAIIP New Mexico, the cap was not agreed upon by the entities. The working group is set to include members of the N. Mexico Counties Assessors’ Affiliate and the nonpartisan organization representing New Mexico’s 33 counties. If a commercial cap bill passes, it would require a statewide amendment to a tax law in the state constitution.