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F I S C A L I M P A C T R E P O R T
SPONSOR Taylor
ORIGINAL DATE
LAST UPDATED
2/13/08
HB
SHORT TITLE Property Tax Exemptions
SJR 17
ANALYST Wilson
REVENUE (dollars in thousands)
Estimated Revenue
Recurring
or Non-Rec
Fund
Affected
FY08 FY09
FY10
($0.1) Recurring
County Government and School
Districts Funds
(Parenthesis ( ) Indicate Expenditure Decreases)
Relates to other property tax related bills being considered in 2008 session
SOURCES OF INFORMATION
LFC Files
SUMMARY
Synopsis of Bill
Senate Joint Resolution 17 proposes an amendment to article 8 of the Constitution of New
Mexico to provide a property tax exemption in an amount equal to 5% of the taxable value of the
property for persons who have occupied their property as their principal place of residence for 15
years or more.
The amendment proposed by this resolution shall be submitted to the people for their approval or
rejection at the next general election or at any special election prior to that date that may be
called for that purpose.
FISCAL IMPLICATIONS
This resolution will reduce property taxes by 5% for persons who have occupied their property
as their principal place of residence for 15 years or more.
SIGNIFICANT ISSUES
County government and school districts rely primarily on property tax revenues for operations
and general obligation capital funding.