SENATE BILL 283

55th legislature - STATE OF NEW MEXICO - first session, 2021

INTRODUCED BY

Pat Woods

 

 

 

 

 

AN ACT

RELATING TO REAL ESTATE; DEFINING "RESIDENTIAL PROPERTY" FOR THE PURPOSES OF PROPERTY TAX DISCLOSURES IN THE REAL ESTATE DISCLOSURE ACT; ALPHABETIZING DEFINITIONS.

 

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

     SECTION 1. Section 47-13-1.1 NMSA 1978 (being Laws 2009, Chapter 105, Section 2) is amended to read:

     "47-13-1.1. DEFINITIONS.--As used in the Real Estate Disclosure Act:

          A. "buyer's broker" means a real estate broker acting on behalf of a prospective residential property purchaser;

          [A.] B. "estimated amount of property tax levy" means the product of one-third of the listed price of the residential real property being sold or otherwise transferred in the transaction multiplied by the current property tax rates applicable to the property if those tax rates have been imposed in accordance with Section 7-38-34 NMSA 1978 for the current year for the county in which the property is located or, in all other cases, by the tax rates for the prior year;

          [B.] C. "listed price" means the current price at which the residential property is being marketed;

          D. "residential property" means real property consisting of one to four dwellings, but does not include real property, with or without dwellings, that is subject to a special method of evaluation pursuant to Section 7-36-20, 7-36-21 or 7-36-23 through 7-36-26 NMSA 1978 or real property consisting of structures that are primarily used for temporary or transient human habitation, including hotels, motels or similar structures; and

          [C.] E. "seller's broker" means a real estate broker acting on behalf of a residential property seller [and

          D. "buyer's broker" means a real estate broker acting on behalf of a prospective residential property purchaser]."

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