HOUSE JOINT RESOLUTION 28

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

INTRODUCED BY

Antonio "Moe" Maestas

A JOINT RESOLUTION

PROPOSING AN AMENDMENT TO ARTICLE 8, SECTION 1 OF THE CONSTITUTION OF NEW MEXICO TO REDUCE PROPERTY TAXES FOR HOMEOWNERS OCCUPYING THE SAME RESIDENTIAL PROPERTY FOR AT LEAST FIFTEEN YEARS.

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

     Section 1. It is proposed to amend Article 8, Section 1 of the constitution of New Mexico to read:

          "A. Except as provided in [Subsection] Subsections B and C of this section, taxes levied upon tangible property shall be in proportion to the value thereof, and taxes shall be equal and uniform upon subjects of taxation of the same class. Different methods may be provided by law to determine value of different kinds of property, but the percentage of value against which tax rates are assessed shall not exceed thirty-three and one-third percent.

          B. The legislature shall provide by law for the valuation of residential property for property taxation purposes in a manner that limits annual increases in valuation of residential property. The limitation may be applied to classes of residential property taxpayers based on owner-occupancy, age or income. The limitations may be authorized statewide or at the option of a local jurisdiction and may include conditions under which the limitation is applied. Any valuation limitations authorized as a local jurisdiction option shall provide for applying statewide or multi-jurisdictional property tax rates to the value of the property as if the valuation increase limitation did not apply.

          C. The legislature shall provide by law for a reduction in the total amount of state and local property taxes levied upon owner-occupied residential property that has been occupied continuously for at least fifteen years by the same individual as that individual's principal residence. The reduction shall be five percent of the property taxes that would otherwise be levied on the property. For each additional year that the property has been continuously occupied by the individual, the amount of the reduction shall be increased by an additional five percent of the property taxes that would otherwise be levied on the property, up to a maximum reduction of twenty-five percent. The reduction may be authorized statewide or at the option of a local jurisdiction. The burden of proving eligibility for the deduction in this section shall be on the person claiming the deduction."

     Section 2. 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.

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