0001| HOUSE BILL 968 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| PATSY G. TRUJILLO | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO PROPERTY TAXATION; AUTHORIZING COUNTIES TO PROVIDE | 0012| A PROPERTY TAX CREDIT FOR LOW-INCOME TAXPAYERS; PROVIDING A | 0013| PENALTY; AMENDING AND ENACTING SECTIONS OF THE PROPERTY TAX | 0014| CODE. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. A new section of the Property Tax Code is | 0018| enacted to read: | 0019| "[NEW MATERIAL] LOCAL PROPERTY TAX CREDIT--LOW-INCOME | 0020| TAXPAYERS.-- | 0021| A. A board may adopt an ordinance providing a | 0022| credit against the property tax due for low-income taxpayers in | 0023| accordance with the provisions of this section. The tax credit | 0024| may be referred to as the "local property tax credit" and may | 0025| be imposed for any number of property tax years. | 0001| B. The local property tax credit may be claimed and | 0002| allowed only against the property tax due on residential | 0003| property that is the principal place of residence of a claimant | 0004| whose household modified gross income does not exceed fifty | 0005| thousand dollars ($50,000). Only one local property tax credit | 0006| may be claimed for each eligible residential property. | 0007| C. The board shall develop a progressive table | 0008| setting property tax limits as a percentage of modified gross | 0009| income. The credit that may be provided shall be an amount | 0010| equal to the amount of the taxpayer's property tax due for the | 0011| year that exceeds the amount that is determined, based on the | 0012| taxpayer's modified gross income, to be the taxpayer's property | 0013| tax limit for the taxable year. The board may cap the amount | 0014| of the local property tax credit that may be allowed a | 0015| taxpayer. | 0016| D. Upon adoption of an ordinance providing a local | 0017| property tax credit, the board shall create a "local property | 0018| tax credit fund" that is a separate fund in the county treasury | 0019| pledged solely for the payment of the property tax revenue | 0020| reduction resulting from the application of the local property | 0021| tax credit. Revenue produced by the increase in the county | 0022| operating rate due to application of the tax rebate adjustment | 0023| to the county operating rate pursuant to Section 7-37-7.1 NMSA | 0024| 1978 shall be deposited in the fund. Balances in the fund at | 0025| the end of any fiscal year shall remain in the fund and shall | 0001| be used only to replace the property tax revenue reduction | 0002| resulting from application of the local property tax credit in | 0003| succeeding tax years. | 0004| E. To claim the local property tax credit, the | 0005| taxpayer shall file with the county assessor by June 1 of the | 0006| applicable tax year an application form that includes such | 0007| taxpayer, household income and other information as the board, | 0008| in consultation with the department, determines necessary for | 0009| provision and administration of the local property tax credit. | 0010| Forms and application instructions shall be enclosed in the | 0011| property valuation notices mailed to taxpayers pursuant to | 0012| Section 7-38-20 NMSA 1978 and shall also be available in | 0013| appropriate county offices. | 0014| F. Upon receipt of applications claiming the local | 0015| property tax credit, the assessor shall estimate the amount of | 0016| the local property tax credit to be allowed for the tax year. | 0017| In certifying the estimated amount of the local property tax | 0018| credit to be allowed for the property tax year for purposes of | 0019| the tax rebate adjustment pursuant to Section 7-37-7.1 NMSA | 0020| 1978, the county assessor for the first tax year in which the | 0021| local property tax credit is allowed may certify an amount up | 0022| to one hundred twenty-five percent of the estimated amount for | 0023| cash-flow purposes. | 0024| G. To assure the distribution of the full amount of | 0025| revenue from property tax due to the appropriate governmental | 0001| units, the county treasurer shall transfer from the local | 0002| property tax credit fund such amounts as are necessary to make | 0003| the distributions, but the total of all transfers for any tax | 0004| shall not exceed the total property tax revenue reduction | 0005| resulting from application of the local property tax credit in | 0006| that tax year. Other available county revenues may be used, if | 0007| necessary, for cash-flow purposes to assure full distribution | 0008| of property tax revenues to all governmental units at any time | 0009| during a tax year that there is an insufficient amount in the | 0010| local property tax credit fund. | 0011| H. It is unlawful for the county assessor or any | 0012| employee of the county assessor or any former employee of the | 0013| county assessor to reveal any information contained in a | 0014| taxpayer's local property tax credit application form to any | 0015| individual other than the assessor, another employee of the | 0016| assessor or an employee of the department authorized by the | 0017| county assessor and the secretary to verify information for | 0018| purposes of enforcement. Any individual who reveals to another | 0019| individual any information that he is prohibited from lawfully | 0020| revealing pursuant to this subsection is guilty of a | 0021| misdemeanor and upon conviction shall be punished by a fine of | 0022| not more than one thousand dollars ($1,000) or by imprisonment | 0023| for a definite period not to exceed three hundred sixty-four | 0024| days, or both, and shall not be employed by the county for a | 0025| period of five years after the date of the conviction. | 0001| I. As used in this section: | 0002| (1) "board" means the board of county | 0003| commissioners of a county, including an H class county; and | 0004| (2) "modified gross income" means "modified | 0005| gross income", as that term is defined in the Income Tax Act, | 0006| plus all income from those same sources for any other resident | 0007| owner of the principal place of residence of the taxpayer | 0008| claiming a local property tax credit." | 0009| Section 2. Section 7-1-8 NMSA 1978 (being Laws 1965, | 0010| Chapter 248, Section 13, as amended) is amended to read: | 0011| "7-1-8. CONFIDENTIALITY OF RETURNS AND OTHER | 0012| INFORMATION.--It is unlawful for any employee of the department | 0013| or any former employee of the department to reveal to any | 0014| individual other than another employee of the department any | 0015| information contained in the return of any taxpayer made | 0016| pursuant to any law subject to administration and enforcement | 0017| under the provisions of the Tax Administration Act or any other | 0018| information about any taxpayer acquired as a result of his | 0019| employment by the department, except: | 0020| A. to an authorized representative of another | 0021| state; provided that the receiving state has entered into a | 0022| written agreement with the department to use the information | 0023| for tax purposes only and that the receiving state has enacted | 0024| a confidentiality statute similar to this section to which the | 0025| representative is subject; | 0001| B. to a representative of the secretary of the | 0002| treasury or the secretary's delegate pursuant to the terms of a | 0003| reciprocal agreement entered into with the federal government | 0004| for exchange of the information; | 0005| C. to the multistate tax commission or its | 0006| authorized representative; provided that the information is | 0007| used for tax purposes only and is disclosed by the multistate | 0008| tax commission only to states that have met the requirements of | 0009| Subsection A of this section; | 0010| D. to a district court or an appellate court or a | 0011| federal court: | 0012| (1) in response to an order thereof in an | 0013| action relating to taxes to which the state is a party and in | 0014| which the information sought is about a taxpayer who is party | 0015| to the action and is material to the inquiry, in which case | 0016| only that information may be required to be produced in court | 0017| and admitted in evidence subject to court order protecting the | 0018| confidentiality of the information and no more; | 0019| (2) in any action in which the department is | 0020| attempting to enforce an act with which the department is | 0021| charged or to collect a tax; or | 0022| (3) in any matter in which the department is a | 0023| party and the taxpayer has put his own liability for taxes at | 0024| issue, in which case only that information regarding the | 0025| taxpayer who is party to the action may be produced, but this | 0001| shall not prevent the disclosure of department policy or | 0002| interpretation of law arising from circumstances of a taxpayer | 0003| who is not a party; | 0004| E. to the taxpayer or to the taxpayer's authorized | 0005| representative; provided, however, that nothing in this | 0006| subsection shall be construed to require any employee to | 0007| testify in a judicial proceeding except as provided in | 0008| Subsection D of this section; | 0009| F. information obtained through the administration | 0010| of any law not subject to administration and enforcement under | 0011| the provisions of the Tax Administration Act to the extent that | 0012| release of that information is not otherwise prohibited by law; | 0013| G. in such manner, for statistical purposes, that | 0014| the information revealed is not identified as applicable to any | 0015| individual taxpayer; | 0016| H. with reference to any information concerning the | 0017| tax on tobacco imposed by Sections 7-12-1 through 7-12-17 NMSA | 0018| 1978 to a committee of the legislature for a valid legislative | 0019| purpose; | 0020| I. to a transferee, assignee, buyer or lessor of a | 0021| liquor license, the amount and basis of any unpaid assessment | 0022| of tax for which his transferor, assignor, seller or lessee is | 0023| liable; | 0024| J. to a purchaser of a business as provided in | 0025| Sections 7-1-61 through 7-1-64 NMSA 1978, the amount and basis | 0001| of any unpaid assessment of tax for which the purchaser's | 0002| seller is liable; | 0003| K. to a municipality of this state upon its request | 0004| for any period specified by that municipality within the twelve | 0005| months preceding the request for the information by that | 0006| municipality: | 0007| (1) the names, taxpayer identification numbers | 0008| and addresses of registered gross receipts taxpayers reporting | 0009| gross receipts for that municipality under the Gross Receipts | 0010| and Compensating Tax Act or a local option gross receipts tax | 0011| imposed by that municipality. The department may also release | 0012| the information described in this paragraph quarterly or upon | 0013| such other periodic basis as the secretary and the municipality | 0014| may agree; and | 0015| (2) information indicating whether persons | 0016| shown on any list of businesses located within that | 0017| municipality furnished by the municipality have reported gross | 0018| receipts to the department but have not reported gross receipts | 0019| for that municipality under the Gross Receipts and Compensating | 0020| Tax Act or a local option gross receipts tax imposed by that | 0021| municipality. | 0022| The employees of municipalities receiving information as | 0023| provided in this subsection shall be subject to the penalty | 0024| contained in Section 7-1-76 NMSA 1978 if that information is | 0025| revealed to individuals other than other employees of the | 0001| municipality in question or the department; | 0002| L. to the commissioner of public lands for use in | 0003| auditing that pertains to rentals, royalties, fees and other | 0004| payments due the state under land sale, land lease or other | 0005| land use contracts; the commissioner of public lands and | 0006| employees of the commissioner are subject to the same | 0007| provisions regarding confidentiality of information as | 0008| employees of the department; | 0009| M. the department shall furnish, upon request by | 0010| the child support enforcement division of the human services | 0011| department, the last known address with date of all names | 0012| certified to the department as being absent parents of children | 0013| receiving public financial assistance. The child support | 0014| enforcement division personnel shall use such information only | 0015| for the purpose of enforcing the support liability of the | 0016| absent parents and shall not use the information or disclose it | 0017| for any other purpose; the child support enforcement division | 0018| and its employees are subject to the provisions of this section | 0019| with respect to any information acquired from the department; | 0020| N. with respect to the tax on gasoline imposed by | 0021| the Gasoline Tax Act, the department shall make available for | 0022| public inspection at monthly intervals a report covering the | 0023| amount and gallonage of gasoline and ethanol blended fuels | 0024| imported, exported, sold and used, including tax-exempt sales | 0025| to the federal government reported or upon which the gasoline | 0001| tax was paid and covering taxes received from each distributor | 0002| in the state of New Mexico; | 0003| O. the identity of distributors and gallonage | 0004| reported on returns required under the Gasoline Tax Act, | 0005| Special Fuels Supplier Tax Act or Alternative Fuel Tax Act to | 0006| any distributor or supplier, but only when it is necessary to | 0007| enable the department to carry out its duties under the | 0008| Gasoline Tax Act, the Special Fuels Supplier Tax Act or the | 0009| Alternative Fuel Tax Act; | 0010| P. the department shall release upon request only | 0011| the names and addresses of all gasoline or special fuel | 0012| distributors, wholesalers and retailers to the New Mexico | 0013| department of agriculture, the employees of which are thereby | 0014| subject to the penalty contained in Section 7-1-76 NMSA 1978 if | 0015| that information is revealed to individuals other than | 0016| employees of either the New Mexico department of agriculture or | 0017| the department; | 0018| Q. the department shall answer all inquiries | 0019| concerning whether a person is or is not a registered taxpayer; | 0020| R. upon request of a municipality or county of this | 0021| state, the department shall permit officials or employees of | 0022| the municipality or county to inspect the records of the | 0023| department pertaining to an increase or decrease to a | 0024| distribution or transfer made pursuant to Section 7-1-6.15 NMSA | 0025| 1978 for the purpose of reviewing the basis for the increase or | 0001| decrease. The municipal or county officials or employees | 0002| receiving information provided in this subsection shall not | 0003| reveal that information to any person other than another | 0004| employee of the municipality or the county, the department or a | 0005| district court, an appellate court or a federal court in a | 0006| proceeding relating to a disputed distribution and in which | 0007| both the state and the municipality or county are parties. Any | 0008| information provided [in] pursuant to provisions of this | 0009| subsection that is revealed other than as provided in this | 0010| subsection shall subject the person revealing the information | 0011| to the penalties contained in Section 7-1-76 NMSA 1978; | 0012| S. to a county of this state that has in effect any | 0013| local option gross receipts tax imposed by the county upon its | 0014| request for any period specified by that county within the | 0015| twelve months preceding the request for the information by that | 0016| county: | 0017| (1) the names, taxpayer identification numbers | 0018| and addresses of registered gross receipts taxpayers reporting | 0019| gross receipts either for that county in the case of a local | 0020| option gross receipts tax imposed on a countywide basis or only | 0021| for the areas of that county outside of any incorporated | 0022| municipalities within that county in the case of a county local | 0023| option gross receipts tax imposed only in areas of the county | 0024| outside of any incorporated municipalities. The department may | 0025| also release the information described in this paragraph | 0001| quarterly or upon such other periodic basis as the secretary | 0002| and the county may agree; | 0003| (2) in the case of a local option gross | 0004| receipts tax imposed by a county on a countywide basis, | 0005| information indicating whether persons shown on any list of | 0006| businesses located within the county furnished by the county | 0007| have reported gross receipts to the department but have not | 0008| reported gross receipts for that county under the Gross | 0009| Receipts and Compensating Tax Act or a local option gross | 0010| receipts tax imposed by that county on a countywide basis; and | 0011| (3) in the case of a local option gross | 0012| receipts tax imposed by a county only on persons engaging in | 0013| business in that area of the county outside of any incorporated | 0014| municipalities, information indicating whether persons shown on | 0015| any list of businesses located in the area of that county | 0016| outside of any incorporated municipalities within that county | 0017| furnished by the county have reported gross receipts to the | 0018| department but have not reported gross receipts for the area of | 0019| that county outside of any incorporated municipalities within | 0020| that county under the Gross Receipts and Compensating Tax Act | 0021| or any local option gross receipts tax imposed by the county | 0022| only on persons engaging in business in that area of the county | 0023| outside of any incorporated municipalities. | 0024| The officers and employees of counties receiving | 0025| information as provided in this subsection shall be subject to | 0001| the penalty contained in Section 7-1-76 NMSA 1978 if such | 0002| information is revealed to individuals other than other | 0003| officers or employees of the county in question or the | 0004| department; | 0005| T. to authorized representatives of an Indian | 0006| nation, tribe or pueblo, the territory of which is located | 0007| wholly or partially within New Mexico, pursuant to the terms of | 0008| a reciprocal agreement entered into with the Indian nation, | 0009| tribe or pueblo for the exchange of that information for tax | 0010| purposes only; provided that the Indian nation, tribe or pueblo | 0011| has enacted a confidentiality statute similar to this section; | 0012| U. information with respect to the taxes or tax | 0013| acts administered pursuant to Subsection B of Section 7-1-2 | 0014| NMSA 1978, except that: | 0015| (1) information for or relating to any period | 0016| prior to July 1, 1985 with respect to Sections 7-25-1 through | 0017| 7-25-9 and 7-26-1 through 7-26-8 NMSA 1978 may be released only | 0018| to a committee of the legislature for a valid legislative | 0019| purpose; | 0020| (2) except as provided in Paragraph (3) of | 0021| this subsection, contracts and other agreements between the | 0022| taxpayer and other parties and the proprietary information | 0023| contained in such contracts and agreements shall not be | 0024| released without the consent of all parties to the contract or | 0025| agreement; and | 0001| (3) audit workpapers and the proprietary | 0002| information contained in such workpapers shall not be released | 0003| except to: | 0004| (a) the minerals management service of | 0005| the United States department of the interior, if production | 0006| occurred on federal land; | 0007| (b) a person having a legal interest in | 0008| the property that is subject to the audit; | 0009| (c) a purchaser of products severed from | 0010| a property subject to the audit; or | 0011| (d) the authorized representative of any | 0012| of the persons in Subparagraphs (a) through (c) of this | 0013| paragraph [but]. | 0014| This paragraph does not prohibit the release of any | 0015| proprietary information contained in the workpapers that is | 0016| also available from returns or from other sources not subject | 0017| to the provisions of this section; | 0018| V. information with respect to the taxes, surtaxes, | 0019| advance payments or tax acts administered pursuant to | 0020| Subsection C of Section 7-1-2 NMSA 1978; | 0021| W. to the state corporation commission, information | 0022| with respect to the Corporate Income and Franchise Tax Act | 0023| required to enable the commission to carry out its duties; | 0024| X. to the state racing commission, information with | 0025| respect to the state, municipal and county gross receipts taxes | 0001| paid by race tracks; | 0002| Y. upon request of a corporation authorized to be | 0003| formed under the Educational Assistance Act, the department | 0004| shall furnish the last known address and the date of that | 0005| address of every person certified to the department as being an | 0006| absent obligor of an educational debt that is due and owed to | 0007| the corporation or that the corporation has lawfully contracted | 0008| to collect. The corporation and its officers and employees | 0009| shall use that information only for the purpose of enforcing | 0010| the educational debt obligation of such absent obligors and | 0011| shall not disclose that information or use it for any other | 0012| purpose; | 0013| Z. any decision and order made by a hearing officer | 0014| pursuant to Section 7-1-24 NMSA 1978 with respect to a protest | 0015| filed with the secretary on or after July 1, 1993; | 0016| AA. information required by any provision of the | 0017| Tax Administration Act to be made available to the public by | 0018| the department; | 0019| BB. upon request by the Bernalillo county | 0020| metropolitan court, the department shall furnish the last known | 0021| address and the date of that address for every person certified | 0022| to the department by the court as being a person who owes | 0023| fines, fees or costs to the court or who has failed to appear | 0024| pursuant to a court order or a promise to appear; | 0025| CC. upon request by a magistrate court, the | 0001| department shall furnish the last known address and the date of | 0002| that address for every person certified to the department by | 0003| the court as being a person who owes fines, fees or costs to | 0004| the court or who has failed to appear pursuant to a court order | 0005| or a promise to appear; [and] | 0006| DD. to the national tax administration agencies of | 0007| Mexico and Canada, provided the agency receiving the | 0008| information has entered into a written agreement with the | 0009| department to use the information for tax purposes only and is | 0010| subject to a confidentiality statute similar to this section; | 0011| and | 0012| EE. information provided to a county assessor or | 0013| any employee of the county assessor, upon the request of the | 0014| county assessor, verifying whether or not a taxpayer's reported | 0015| modified gross income for purposes of claiming the local | 0016| property tax credit in the Property Tax Code qualifies the | 0017| taxpayer for the credit claimed." | 0018| Section 3. Section 7-37-7.1 NMSA 1978 (being Laws 1979, | 0019| Chapter 268, Section 1, as amended) is amended to read: | 0020| "7-37-7.1. ADDITIONAL LIMITATIONS ON PROPERTY TAX | 0021| RATES.-- | 0022| A. Except as provided in Subsections D and E of | 0023| this section, in setting the general property tax rates for | 0024| residential and nonresidential property authorized in | 0025| Subsection B of Section 7-37-7 NMSA 1978, the other rates and | 0001| impositions authorized in Paragraphs (2) and (3) of Subsection | 0002| C of Section 7-37-7 NMSA 1978, except the portion of the rate | 0003| authorized in Paragraph (1) of Subsection A of Section 4-48B-12 | 0004| NMSA 1978 used to meet the requirements of Section 27-10-4 NMSA | 0005| 1978, and benefit assessments authorized by law to be levied | 0006| upon net taxable value of property, assessed value or a similar | 0007| term, neither the department of finance and administration nor | 0008| any other entity authorized to set or impose a rate or | 0009| assessment shall set a rate or impose a tax or assessment that | 0010| will produce revenue from either residential or nonresidential | 0011| property in a particular governmental unit in excess of the sum | 0012| of a dollar amount derived by multiplying the appropriate | 0013| growth control factor by the revenue due from the imposition on | 0014| residential or nonresidential property, as appropriate, for the | 0015| prior property tax year in the governmental unit of the rate, | 0016| imposition or assessment for the specified purpose plus, for | 0017| the calculation for the rate authorized for county operating | 0018| purposes by Subsection B of Section 7-37-7 NMSA 1978 with | 0019| respect to residential property, any applicable tax rebate | 0020| adjustment. The calculation described in this subsection shall | 0021| be separately made for residential and nonresidential property. | 0022| Except as provided in Subsections D and E of this section, no | 0023| tax rate or benefit assessment that will produce revenue from | 0024| either class of property in a particular governmental unit in | 0025| excess of the dollar amount allowed by the calculation shall be | 0001| set or imposed. The rates imposed pursuant to Sections 7-32-4 | 0002| and 7-34-4 NMSA 1978 shall be the rates for nonresidential | 0003| property that would have been imposed but for the limitations | 0004| in this section. As used in this section, "growth control | 0005| factor" is a percentage equal to the sum of "percent change I" | 0006| plus V where: | 0007| (1) V = (base year value + net new value), | 0008| base year value | 0009| expressed as a percentage, but if the percentage calculated is | 0010| less than one hundred percent, then V shall be set and used as | 0011| one hundred percent; | 0012| (2) "base year value" means the value for | 0013| property taxation purposes of all residential or nonresidential | 0014| property, as appropriate, subject to valuation under the | 0015| Property Tax Code in the governmental unit for the specified | 0016| purpose in the prior property tax year; | 0017| (3) "net new value" means the additional value | 0018| of residential or nonresidential property, as appropriate, for | 0019| property taxation purposes placed on the property tax schedule | 0020| in the current year resulting from the elements in | 0021| Subparagraphs (a) through (d) of this paragraph reduced by the | 0022| value of residential or nonresidential property, as | 0023| appropriate, removed from the property tax schedule in the | 0024| current year and, if applicable, the reductions described in | 0025| Subparagraph (e) of this paragraph: | 0001| (a) residential or nonresidential | 0002| property, as appropriate, valued in the current year that was | 0003| not valued at all in the prior year; | 0004| (b) improvements to existing residential | 0005| or nonresidential property, as appropriate; | 0006| (c) additions to residential or | 0007| nonresidential property, as appropriate, or values that were | 0008| omitted from previous years' property tax schedules even if | 0009| part or all of the property was included on the schedule, but | 0010| no additions of values attributable to valuation maintenance | 0011| programs or reappraisal programs shall be included; | 0012| (d) additions to nonresidential property | 0013| due to increases in annual net production values of mineral | 0014| property valued in accordance with Section 7-36-23 or 7-36-25 | 0015| NMSA 1978 or due to increases in market value of mineral | 0016| property valued in accordance with Section 7-36-24 NMSA 1978; | 0017| and | 0018| (e) reductions to nonresidential | 0019| property due to decreases in annual net production values of | 0020| mineral property valued in accordance with Section 7-36-23 or | 0021| 7-36-25 NMSA 1978 or due to decreases in market value of | 0022| mineral property valued in accordance with Section 7-36-24 NMSA | 0023| 1978; and | 0024| (4) "percent change I" means a percent not in | 0025| excess of five percent that is derived by dividing the annual | 0001| implicit price deflator index for state and local government | 0002| purchases of goods and services, as published in the United | 0003| States department of commerce monthly publication entitled | 0004| "survey of current business" or any successor publication, for | 0005| the calendar year next preceding the prior calendar year into | 0006| the difference between the prior year's comparable annual index | 0007| and that next preceding year's annual index if that difference | 0008| is an increase, and if the difference is a decrease, the | 0009| "percent change I" is zero. In the event that the annual | 0010| implicit price deflator index for state and local government | 0011| purchases of goods and services is no longer prepared or | 0012| published by the United States department of commerce, the | 0013| department shall adopt by regulation the use of any comparable | 0014| index prepared by any agency of the United States. | 0015| B. If, as a result of the application of the | 0016| limitation imposed under Subsection A of this section, a | 0017| property tax rate for residential or nonresidential property, | 0018| as appropriate, authorized in Subsection B of Section 7-37-7 | 0019| NMSA 1978 is reduced below the maximum rate authorized in that | 0020| subsection, no governmental unit or entity authorized to impose | 0021| a tax rate under Paragraph (2) of Subsection C of Section | 0022| 7-37-7 NMSA 1978 shall impose any portion of the rate | 0023| representing the difference between a maximum rate authorized | 0024| under Subsection B of Section 7-37-7 NMSA 1978 and the reduced | 0025| rate resulting from the application of the limitation imposed | 0001| under Subsection A of this section. | 0002| C. If the net new values necessary to make the | 0003| computation required under Subsection A of this section are not | 0004| available for any governmental unit at the time the calculation | 0005| must be made, the department of finance and administration | 0006| shall use a zero amount for net new values when making the | 0007| computation for the governmental unit. | 0008| D. Any part of the maximum tax rate authorized for | 0009| each governmental unit for residential and nonresidential | 0010| property by Subsection B of Section 7-37-7 NMSA 1978 that is | 0011| not imposed for a governmental unit for any property tax year | 0012| for reasons other than the limitation required under Subsection | 0013| A of this section may be authorized by the department of | 0014| finance and administration to be imposed for that governmental | 0015| unit for residential and nonresidential property for the | 0016| following tax year subject to the restriction of Subsection D | 0017| of Section 7-38-33 NMSA 1978. | 0018| E. If the base year value necessary to make the | 0019| computation required under Subsection A of this section is not | 0020| available for any governmental unit at the time the calculation | 0021| must be made, the department of finance and administration | 0022| shall set a rate for residential and nonresidential property | 0023| that will produce in that governmental unit a dollar amount | 0024| that is not in excess of the property tax revenue due for all | 0025| property for the prior property tax year for the specified | 0001| purpose of that rate in that governmental unit. | 0002| F. For the purposes of this section: | 0003| (1) "nonresidential property" does not include | 0004| any property upon which taxes are imposed pursuant to the Oil | 0005| and Gas Ad Valorem Production Tax Act, the Oil and Gas | 0006| Production Equipment Ad Valorem Tax Act or the Copper | 0007| Production Ad Valorem Tax Act; and | 0008| (2) "tax rebate adjustment" means, for those | 0009| counties that have an ordinance in effect providing either the | 0010| local property tax credit pursuant to Section 1 of this 1997 | 0011| act or the property tax rebate pursuant to the Income Tax Act | 0012| for the property tax year and that, in the case of the | 0013| property tax rebate, have not imposed for the property tax | 0014| year [either] a property tax, the revenue from which is | 0015| pledged for payment of the income tax revenue reduction | 0016| resulting from the provision of the property tax rebate, [or a | 0017| property transfer tax] the estimated amount of the property | 0018| tax rebate or local property tax credit to be allowed with | 0019| respect to the property tax year, and for any other | 0020| governmental unit or purpose, zero; provided that any estimate | 0021| of property tax rebate or local property tax credit to be | 0022| allowed is subject to review for appropriateness and approval | 0023| by the department of finance and administration." | 0024| Section 4. Section 7-38-35 NMSA 1978 (being Laws 1973, | 0025| Chapter 258, Section 75, as amended) is amended to read: | 0001| "7-38-35. PREPARATION OF PROPERTY TAX SCHEDULE BY | 0002| ASSESSOR.-- | 0003| A. After receipt of the rate-setting order and the | 0004| order imposing the tax, but no later than October 1 of each tax | 0005| year, the county assessor shall prepare a property tax schedule | 0006| for all property subject to property taxation in the county. | 0007| This schedule shall be in a form and contain the information | 0008| required by regulations of the [division] department and | 0009| shall contain at least the following information: | 0010| (1) the description of the property taxed and, | 0011| if the property is personal property, its location; | 0012| (2) the property owner's name and address and | 0013| the name and address of any person other than the owner to whom | 0014| the tax bill is to be sent; | 0015| (3) the classification of the property; | 0016| (4) the value of the property determined for | 0017| property taxation purposes; | 0018| (5) the tax ratio; | 0019| (6) the taxable value of the property; | 0020| (7) the amount of any exemption allowed and a | 0021| statement of the net taxable value of the property after | 0022| deducting the exemption; | 0023| (8) the allocations of net taxable value to | 0024| the governmental units; | 0025| (9) the tax rate in dollars per thousand of | 0001| net taxable value for all taxes imposed on the property; | 0002| (l0) the amount of taxes due on the described | 0003| property; [and] | 0004| (11) the amount of any penalties and interest | 0005| already imposed and due on the described property; and | 0006| (12) the amount of the local property tax | 0007| credit, if any, allowed by the board of county commissioners to | 0008| be applied against the taxes due on the described property. | 0009| B. The property tax schedule is a public record and | 0010| a part of the valuation records." | 0011| Section 5. APPLICABILITY.--The provisions of this act | 0012| apply to the 1998 and subsequent property tax years. | 0013|  State of New Mexico | 0014| House of Representatives | 0015| | 0016| FORTY-THIRD LEGISLATURE | 0017| FIRST SESSION, 1997 | 0018| | 0019| | 0020| March 10, 1997 | 0021| | 0022| | 0023| Mr. Speaker: | 0024| | 0025| Your JUDICIARY COMMITTEE, to whom has been referred | 0001| | 0002| HOUSE BILL 968 | 0003| | 0004| has had it under consideration and reports same with | 0005| recommendation that it DO PASS, and thence referred to the | 0006| TAXATION AND REVENUE COMMITTEE. | 0007| | 0008| Respectfully submitted, | 0009| | 0010| | 0011| | 0012| | 0013| | 0014| Thomas P. Foy, Chairman | 0015| | 0016| | 0017| Adopted Not Adopted | 0018| | 0019| (Chief Clerk) (Chief Clerk) | 0020| | 0021| Date | 0022| | 0023| The roll call vote was 11 For 0 Against | 0024| Yes: 11 | 0025| Excused: King, Rios | 0001| Absent: None | 0002| | 0003| | 0004| G:\BILLTEXT\BILLW_97\H0968 |