45th legislature - STATE OF NEW MEXICO - second session, 2002

REQUESTING A STUDY TO DETERMINE THE IMPACT OF RISING PROPERTY VALUES ON PROPERTY TAXES AND THE SUBSEQUENT EFFECT ON LONG-TIME RESIDENTS OF TRADITIONAL HISTORIC COMMUNITIES.

WHEREAS, the purchase and development of rural and historic land in New Mexico communities has resulted in substantial increases in property values and accompanying increases in property taxes; and

WHEREAS, property taxes are often based upon the potential profitable use of the land rather than on its actual use; and

WHEREAS, long-time residents or their descendants find themselves forced to sell land that has been in their families for generations, because they can no longer afford to live in those communities; and

WHEREAS, many of the families of these communities have a history of working the land for their livelihood, while protecting the communities' natural resources and scenic beauty; and

WHEREAS, the legislature has found it appropriate to statutorily protect traditional historic communities from annexation without a petition; and

WHEREAS, the legislature has found it appropriate to statutorily protect the elderly poor by limiting the valuation of their property for property taxation;

NOW, THEREFORE, BE IT RESOLVED BY THE SENATE OF THE STATE OF NEW MEXICO that the property tax division of the taxation and revenue department, in conjunction with organizations representing rural, historic, small farm, small ranch and similar communities and an organization representing county tax assessors, be requested to conduct a study to assess the impact of rising property values on property taxes and the subsequent effect on long-time residents of traditional historic communities; and

BE IT FURTHER RESOLVED that the property tax division of the taxation and revenue department, in conjunction with the organizations that contributed to the study, present their findings and recommendations to an appropriate interim committee; and

BE IT FURTHER RESOLVED that copies of this memorial be transmitted to the property tax division of the taxation and revenue department and to the state's county assessors.