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SPONSOR: | Cisneros | DATE TYPED: | 03/13/01 | HB | |||
SHORT TITLE: | Acquisition of Certain Real Property | SB | 798 | ||||
ANALYST: | Padilla |
Recurring
or Non-Rec |
Fund
Affected | ||||
FY01 | FY02 | FY01 | FY02 | ||
NFI |
(Parenthesis ( ) Indicate Expenditure Decreases)
Conflicts with HB 974
SOURCES OF INFORMATION
LFC Files
Taxation and Revenue Department
SUMMARY
Synopsis of Bill
Senate Bill 798 provides a means for an individual who owns adjoining property to acquire a quitclaim deed to a property listed on valuation records as "owned by an unknown owner."
Significant Issues
To acquire a quitclaim deed for adjacent property owned by an "unknown owner", an individual must:
When the above requirements are met, the following steps must be taken:
The applicant then files the quitclaim deed with the county clerk. After one year from the filing, no person can challenge the applicant's title to the property.
ADMINISTRATIVE IMPLICATIONS
The task of assessing a property retroactively for twenty-five years and determining taxes that would have been paid on it may place a burden on county assessors and treasurers.
CONFLICT/DUPLICATION/COMPANIONSHIP/RELATIONSHIP
This bill conflicts with House Bill 794, which provides another method for a person to claim title to property of an "unknown owner."
TECHNICAL ISSUES
TRD believes the provisions of the bill would be more properly placed in Chapter 47, Property Law.
OTHER SUBSTANTIVE ISSUES
TRD notes that the bill's intent is unclear, as there are methods currently in place to accommodate unclaimed property. If taxes are not paid on real property, TRD's Property Tax Division researches title to the property and offers it for sale within about three years after the property taxes are unpaid. TRD reports that it is therefore extremely unlikely that significant amounts of real property exist in New Mexico in which the owner is really unknown.
POSSIBLE QUESTIONS
1. Is this bill designed to address a particular piece of property, or is it designed to address more common occurrences?
LP/njw