Santa Fe Real Estate: STR Renewal Deadlines and New Insurance Rules Coming

It's Policy Tuesday in Santa Fe, and today's episode covers two critical updates for homeowners and real estate investors: short-term rental renewal deadlines inside the City of Santa Fe, and a proposed state law that would require insurers to disclose wildfire risk scores to homeowners.

Santa Fe Short-Term Rental Renewal Deadline: Act Before March 15

If you own or manage a short-term rental inside the City of Santa Fe, renewal season is open now. The city renewal window runs from January 1 through April 15, 2026, but there is a late fee that kicks in after March 15. If you have out-of-state owners or clients who are busy, now is the time to get those renewals moving to avoid a last-minute scramble and extra fees.

• Renewal window: January 1 through April 15, 2026
• Late fee applies after: March 15, 2026
• Action item: Notify STR owners and managers immediately

New Mexico HB 204: Wildfire Risk Score Disclosure for Homeowners

At the state level, New Mexico House Bill 204 would require insurance companies to disclose a homeowner's wildfire risk score or classification, explain what factors drove the score, and outline mitigation steps a homeowner can take to improve it. The bill also establishes a clear appeal process if a homeowner believes their score is incorrect.

• Insurers must disclose wildfire risk scores on applications, renewals, and surcharges
• Homeowners can appeal scores they believe are inaccurate
• Mitigation steps must be explained by the insurer
• If passed, provisions would apply after June 30, 2026

Santa Fe Water Utility Rate Increases: Watch Your Operating Expenses

The City of Santa Fe adopted updated water utility rates with increases effective February 1, 2026. The ordinance indicates roughly 4 percent annual increases going forward. For homeowners and landlords, this is a reminder to revisit operating expense projections and to talk with tenants about water conservation before higher usage tiers kick in.

• New rates effective: February 1, 2026
• Projected annual increase: approximately 4 percent
• Recommendation: Review operating budgets and encourage water conservation

Stay Ahead of Santa Fe Real Estate Policy Changes

Staying informed on local and state policy changes is one of the best ways to protect your investment and serve your clients. Subscribe for daily Santa Fe real estate updates at lelandtitus.com.

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