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committees of the NM Legislature. The LFC does not assume responsibility for the accuracy of these reports
if they are used for other purposes.
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F I S C A L I M P A C T R E P O R T
SPONSOR Payne
ORIGINAL DATE
LAST UPDATED
2/3/08
HB
SHORT TITLE Property Tax Limitations, CA
SJR 14
ANALYST Francis
REVENUE (dollars in thousands)
Estimated Revenue
Recurring
or Non-Rec
Fund
Affected
FY08
FY09
FY10
(Parenthesis ( ) Indicate Revenue Decreases)
Relates to several bills – See below for table of property tax bills considered in 2008 session
SOURCES OF INFORMATION
LFC Files
SUMMARY
Synopsis of Bill
Senate Joint Resolution proposes a constitutional amendment to limit the total property tax to
one percent of the “current and correct" value of the property. If passed, the amendment will go
to the voters at the next general election.
FISCAL IMPLICATIONS
The only taxpayers that would be affected are those that live in a district with a tax rate higher
than 30 mills ($30 per $1,000 of taxable value). Most of the property that would benefit is non-
residential. Only Albuquerque, Grady, Sunland Park, Santa Rosa, Gallup, Grenville, and Los
Lunas have residential rates higher than 30 mills. The constitutional amendment could cause the
localities with higher rates on nonresidential to raise the rates on residential to maintain the
amount of funds needed for debt service and operations.
There could be additional impacts on local communities if their general obligation bonds are
placed in jeopardy but a requirement to lower rates.