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F I S C A L I M P A C T R E P O R T





SPONSOR: Lujan DATE TYPED: 02/08/00 HB 198
SHORT TITLE: Changes in Property Tax Schedule SB
ANALYST: Williams


REVENUE



Estimated Revenue
Subsequent

Years Impact

Recurring

or Non-Rec

Fund

Affected

FY00 FY01
No Fiscal Impact



(Parenthesis ( ) Indicate Revenue Decreases)



Duplicates/Conflicts with/Companion to/Relates to



SOURCES OF INFORMATION



Taxation and Revenue Department (TRD)



SUMMARY



Synopsis of Bill



The bill would authorize the county treasurer to correct the tax schedule for unlocatable, unidentifiable or uncollectible property. The step could only be taken after thorough research with verification by the county assessor or appraiser, with notification to TRD and the county clerk. Effective date of the bill is July 1, 2000.



Significant Issues



TRD notes the most common types of property that would be stricken from the tax roles would be property that no longer exists such as "a cow that died or had been removed from the state." TRD indicates 7-38-81 NMSA 1978 effectively eliminates unpaid property taxes after 10 years. This bill has the effect of moving the 10-year limit to 3 years for personal property only.



FISCAL IMPLICATIONS



No fiscal impacts on state or local funding sources.



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