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.168991.1
HOUSE MEMORIAL 85
48
TH LEGISLATURE
- STATE OF NEW MEXICO -
FIRST SESSION
, 2007
INTRODUCED BY
Richard J. Berry
A MEMORIAL
REQUESTING THE TAXATION AND REVENUE DEPARTMENT AND THE INTERIM
REVENUE STABILIZATION AND TAX POLICY COMMITTEE TO STUDY THE
INEQUITIES CREATED BY THE STATUTORY PROVISIONS LIMITING
INCREASES IN VALUATION OF CERTAIN RESIDENTIAL PROPERTY.
WHEREAS, Section 7-36-21.2 NMSA 1978 provides for a limit
on increases in valuation for property tax purposes of three
percent per year for property that remains in the same
ownership but allows for radical changes in valuation whenever
property is transferred; and
WHEREAS, the statutorily mandated property valuations
process has created inequities in valuation between
substantially identical properties in the same county and has
increased the inequities among property tax values in different
counties; and