HOUSE JOINT RESOLUTION 12

49th legislature - STATE OF NEW MEXICO - second session, 2010

INTRODUCED BY

Al Park

A JOINT RESOLUTION

PROPOSING AN AMENDMENT TO ARTICLE 8, SECTION 1 OF THE CONSTITUTION OF NEW MEXICO TO CLARIFY THAT CERTAIN RESIDENTIAL PROPERTY VALUATION FOR TAX PURPOSES MAY NOT CHANGE SOLELY BECAUSE OF A CHANGE IN OWNERSHIP AND THAT A LOCAL JURISDICTION LIMITATION IN ANNUAL VALUATION INCREASE MUST BE ENABLED BY THE LEGISLATURE.

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 B 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. A valuation established by application of a limitation in the previous tax year shall not change solely because of a change of ownership of a residential property. The limitation may [be applied to] differ by 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 to be authorized as a local jurisdiction option shall be enabled by the legislature and provide for [applying] a process to apply statewide or multi-jurisdictional property tax rates in proportion to the current and correct value of the property [as if the valuation increase limitation did not apply]."

     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.