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

PROPOSING AN AMENDMENT TO ARTICLE 8 OF THE CONSTITUTION OF NEW MEXICO TO ADD A NEW SECTION PROVIDING A PROPERTY TAX EXEMPTION FOR PERSONS SEVENTY YEARS OF AGE AND OLDER AND AN ANNUAL CUMULATIVE REDUCTION IN PROPERTY TAXES FOR PERSONS SIXTY-FIVE YEARS OF AGE OR OLDER EACH YEAR UNTIL THEY REACH THEIR SEVENTIETH BIRTHDAY.

BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. It is proposed to amend Article 8 of the constitution of New Mexico by adding a new section to read:

"The legislature shall provide an exemption from taxation on the principal place of residence of persons seventy years old or older. The legislature shall provide a twenty percent reduction in taxes on the principal place of residence of persons sixty-five years old beginning on the person's sixty-fifth birthday and for each of the following four years until the year of their seventieth birthday."

Section 2. The amendment proposed by this resolution shall be submitted to the people for their approval or rejection at the next general election or at any special election prior to that date that may be called for that purpose.