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Mexico’s 1992 agrarian counter-reforms opened up the country’s vast network of common property regimes, known as ejidos, to the possibility of privatization. This study investigates the relationship between dynamic common property regimes and deforestation in the wake of policy reform among eight ejidos in southeastern Mexico. Using institutional analyses, land use/land cover change (LULCC) analyses and a Forest Dependency Index, we examine how land tenure arrangements relate to land use and forest cover change patterns. We demonstrate that informally privatized ejidos had larger individual landholdings, more land in use, and higher rates of deforestation. Commonly-held ejidos exhibited lower deforestation rates and, in some cases, forests provided economic benefits via community forest management. However, forest dependency did not correlate with low deforestation rates, suggesting alternative pathways for conservation.