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F I S C A L I M P A C T R E P O R T
SPONSOR Garcia
DATE TYPED 3-08-2005 HB
SHORT TITLE Lower Historic Property Tax Value
SB SJR 19
ANALYST Taylor
REVENUE
Estimated Revenue
Subsequent
Years Impact
Recurring
or Non-Rec
Fund
Affected
FY05
FY06
(Uncertain) Recurring Local Governments
(Uncertain) Recurring State G.O. Bonds
(Parenthesis ( ) Indicate Revenue Decreases)
SOURCES OF INFORMATION
LFC Files
SUMMARY
Synopsis of the Resolution
Senate Joint Resolution 19 proposes an amendment to the New Mexico Constitution authorizing
the legislature to provide a lower value percentage of value against which property tax rates are
assessed for historic property worthy of preservation. The legislature would be provided the le-
gal authority to define such property. The percentage of value against which property tax rates
are assessed would have to be at least twenty-two and nine-tenths percent.
The proposed amendment would be submitted to the people for approval or rejection at the next
general election or a special election prior to then called for that purpose.
Significant Issues
The constitution currently requires that the percentage of value against which property tax rates
are assessed is thirty-three and one-third percent. The proposed minimum rate for properties
deemed worthy of preservation is twenty-two and two tenths percent. This implies a one-third
reduction in property taxes for these properties.