SENATE BILL 333

49th legislature - STATE OF NEW MEXICO - first session, 2009

INTRODUCED BY

Mark Boitano

AN ACT

RELATING TO TAXATION; REDUCING THE TAX RATIO ON UNDEVELOPED REAL PROPERTY.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     Section 1. Section 7-37-3 NMSA 1978 (being Laws 1973, Chapter 258, Section 36) is amended to read:

     "7-37-3. TAX RATIO ESTABLISHED.--

          A. Except as provided in Subsection B of this section, the tax ratio is thirty-three and one-third percent.

          B. The tax ratio for undeveloped property is sixteen and two-thirds percent.

          C. For the purposes of this section, "undeveloped property" means real property upon which no structures have been erected and that is not valued as land primarily used for agricultural purposes pursuant to Section 7-36-20 NMSA 1978."

     Section 2. APPLICABILITY.--The provisions of this act shall apply to property tax years beginning on or after January 1, 2010.

- 2 -