Fiscal impact reports (FIRs) are prepared by the Legislative Finance Committee (LFC) for standing finance committees of the NM Legislature. The LFC does not assume responsibility for the accuracy of these reports if they are used for other purposes.

 

Current FIRs (in HTML & Adobe PDF formats) are available on the NM Legislative Website (legis.state.nm.us).  Adobe PDF versions include all attachments, whereas HTML versions may not.  Previously issued FIRs and attachments may also be obtained from the LFC in Suite 101 of the State Capitol Building North.

 

 

F I S C A L    I M P A C T    R E P O R T

 

 

 

SPONSOR

Garcia

DATE TYPED

2/3/04

HB

 

 

SHORT TITLE

Historic Property Tax Deduction

SB

SM 6

 

 

ANALYST

Reynolds-Forte

 

APPROPRIATION

 

Appropriation Contained

Estimated Additional Impact

Recurring

or Non-Rec

Fund

Affected

FY04

FY05

FY04

FY05

 

 

 

NFI

 

 

(Parenthesis ( ) Indicate Expenditure Decreases)

 

SOURCES OF INFORMATION

LFC Files

 

Responses Received From

New Mexico Tourism Department

Office of Cultural Affairs

 

SUMMARY

 

Synopsis of Bill

 

Senate Memorial 6 requests the Taxation and Revenue Department to study the feasibility of, and the state costs associated with, an exemption or partial property tax exemption for historic properties located in the state, including properties listed on the state register of cultural properties and other properties located within designated historic districts, and submit a written report to the New Mexico Senate.

 

ADMINISTRATIVE IMPLICATIONS

 

The Taxation and Revenue Department would be required to dedicate staff to do the study.  The Office of Cultural Affairs notes that their Historic Preservation Division can provide information regarding historic districts and the state cultural properties list to the Taxation and Revenue Department.

 

OTHER SUBSTANTIVE ISSUES

 

The Office of Cultural Affairs notes that an existing tax credit is available for improvement made to properties listed on the state cultural properties list. It is unknown whether as properties improve if, property taxes increase within that district.  Other states have found property tax abatements for cultural properties have allowed long-term residents a means to remain in their historic homes.

 

PRF/yr:njw