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| SPONSOR: | Wright | DATE TYPED: | 01/31/00 | HB | 90 | ||
| SHORT TITLE: | Disabled Veteran Tax Exemption | SB | |||||
| ANALYST: | Williams | ||||||
| Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
| FY00 | FY01 | |||
|
No Significant Fiscal Impact |
||||
(Parenthesis ( ) Indicate Revenue Decreases)
Relates to HB278, HJR3, SJR2
SOURCES OF INFORMATION
Taxation and Revenue Department (TRD)
SUMMARY
Synopsis of Bill
Endorsed by Revenue Stabilization and Tax Policy Committee. Authorizes an exemption from property tax for the residence of certain disabled veteran when the home has been specially adapted for the disability using a federal government grant. Ssurviving spouses are entitled to the exemption as long as they live in the home. The Veterans Service Commission, TRD, and county assessors would determine qualifications. The bill also makes technical changes to the Property Tax Code. The bill would be effective for property tax year 2000.
Significant Issues
This bill would implement an amendment to Article 8, Section 5 of the New Mexico Constitution approved by voters in the 1998 general election.
FISCAL IMPLICATIONS
No significant fiscal impact. TRD estimates less than 100 veterans would qualify for the exemption. If the average tax liability was $1,000 per eligible veteran, the statewide impact on property taxes would be $100.0. Rates would adjust accordingly, and TRD estimates a net impact of less than $25.0.
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