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SPONSOR: | Miera | DATE TYPED: | 02/20/01 | HB | 628 | ||
SHORT TITLE: | Right to Protest Property Tax Increase | SB | |||||
ANALYST: | Hayes |
Recurring
or Non-Rec |
Fund
Affected | ||||
FY01 | FY02 | FY01 | FY02 | ||
NFI |
(Parenthesis ( ) Indicate Expenditure Decreases)
SOURCES OF INFORMATION
Taxation and Revenue Department (TRD)
Taxation and Revenue Selected Laws and Regulations, 2000 Edition
SUMMARY
Synopsis of HTRC Amendment
This amendment makes a technical adjustment to HB628.
Synopsis of Original Bill
House Bill 628 amends Section 7-38-21 and Section 7-38-24 NMSA 1978 of the Property Tax Code to allow protests of valuation increases subject to limitation.
The provisions of this act apply to the year 2001 and subsequent property tax years.
Significant Issues
The bill would amend the Property Tax Code to make protest procedures applicable to recently enacted limitation on valuation increases. The new language is focused on clarifying a taxpayer's right to protest denial of a claim for limitation on increase in value of certain properties.
FISCAL IMPLICATIONS
No fiscal impact would be imposed on state or local revenue sources if this bill is enacted.
ADMINISTRATIVE IMPLICATIONS
This legislation simply clarifies for taxpayers and assessors alike that property owners may protest application of recent and potential future statutes limiting valuation increases. This may result in an increase of valuation protest cases filed which directly affect the counties, not the state.
TECHNICAL ISSUES
On page 1, Line 25, second "or" should be changed to the word "on."
No effective date is indicated; therefore, TRD assumes effective date to be 90 days following adjournment of the Legislative session, meaning June 15, 2001.
CMH/sb:njw:ar