NOTE: As provided in LFC policy, this report is
intended only for use by the standing finance committees of the
legislature. The Legislative Finance Committee does not assume
responsibility for the accuracy of the information in this report when used for
other purposes.
The most recent FIR
version (in HTML & Adobe PDF formats) is available on the Legislative
Website. The Adobe PDF version includes
all attachments, whereas the HTML version does not. Previously issued FIRs and attachments may be
obtained from the LFC in
SPONSOR: |
Romero |
DATE TYPED: |
|
HB |
|
||
SHORT TITLE: |
Property Tax Exemption for Disabled |
SB |
SJR 13 |
||||
|
ANALYST: |
Chavez |
|||||
APPROPRIATION
Appropriation
Contained |
Estimated
Additional Impact |
Recurring or
Non-Rec |
Fund Affected |
||
FY03 |
FY04 |
FY03 |
FY04 |
|
|
NFI |
NFI |
|
$32.0 |
Non-recurring |
General
Fund |
|
|
|
|
|
|
(Parenthesis
( ) Indicate Expenditure Decreases)
Relates to:
HB 71 Expand Disabled
Veteran Exemption,
HB 73 Property Tax
Increase Limitations,
HB 85 Expand Disabled
Vet Exemption Program,
HB 184 Increase
Veteran Tax Exemption,
SB 188 Implement
Increased Veteran Tax Exemption
Health
Policy Commission (HPC)
Attorney
General’s Office (AG)
LFC
Files
No
response received from:
Taxation
and Revenue Department (TRD)
SUMMARY
Synopsis
of Bill
Senate Joint Resolution 13 proposes an amendment
to Article 8 of the New Mexico Constitution to establish a provision to exempt
from taxation the property of every person who is determined to be totally
disabled.
Significant
Issues
Property taxes are collected at the county
level, and are used to fund a variety of state and local activities. No response was received from the Taxation
and Revenue Department and thus, the impact to the state in terms of lost
property tax revenue is indeterminate.
It was stated by the Health Policy Commission (HPC) that there are
approximately $209,000 qualified disabled people in
The language providing for such a tax exemption
is not written to the level of specificity found in Article 8, Section 15 of
the Constitution of New Mexico pertaining to property tax exemption for
disabled veterans.
After a determination is made regarding the
number of individuals impacted by this legislation the counties may need to
determine the property held by those individuals to fully determine the impact
of this legislation. After a
determination of the impact to the state is made, alternatives can/may be
considered such as providing for a tax exemption for disabled individuals who
are below a defined income level.
FISCAL IMPLICATIONS
No appropriation is
contained in the bill. However, an
estimated non-recurring cost to the general fund of $32.0 is expected because
of the cost to the Secretary of State for advertising and printing to place an
item on the ballot. This non-recurring
cost will likely be realized in FY05 since the next general election is in
November 2004 unless a special election is held prior to the general election
for this specific purpose.
ADMINISTRATIVE IMPLICATIONS
The counties would be
affected by this legislation.
RELATIONSHIP
HB 71 Expand Disabled
Veteran Exemption,
HB 73 Property Tax
Increase Limitations,
HB 85 Expand Disabled
Vet Exemption Program,
HB 184 Increase
Veteran Tax Exemption,
SB 188 Implement
Increased Veteran Tax Exemption
TECHNICAL ISSUES
OTHER SUBSTANTIVE ISSUES
The voters of
FC/yr