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| SPONSOR: | Garcia, M.P. | DATE TYPED: | 02/02/00 | HB | HJR 3 | ||
| SHORT TITLE: | Disabled Veterans' Property Tax | SB | |||||
| ANALYST: | Williams | ||||||
| Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
| FY00 | FY01 | |||
| No Significant Fiscal Impact | ||||
(Parenthesis ( ) Indicate Revenue Decreases)
Relates to HB90, HB278, HJR6, SB259, SB282, SJR2
SOURCES OF INFORMATION
Taxation and Revenue Department (TRD)
SUMMARY
Synopsis of Bill
The bill would amend Article 8, Section 15 of the New Mexico Constitution such that totally disabled, honorably discharged veterans would qualify for exemption from property tax for the principal place of residence. As adopted by the voters in 1998, this exemption is limited to those totally disabled, honorably discharged veterans who have received a federal grant for adapting the residence for their disability.
FISCAL IMPLICATIONS
TRD estimates no significant fiscal impact on state general obligation bond funding or various local funds. If 2,000 veterans participated in the program with an annual average property tax bill of $800, the tax loss is estimated at $1,600.0 or less than 0.25% of total annual statewide property taxes. In response, rates on other property owners would be expected to increase to offset the loss.
ADMINISTRATIVE IMPLICATIONS
No major administrative impacts noted.
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