0001|                           HOUSE BILL 1314
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0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003|                            INTRODUCED BY
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0004|                              BEN LUJAN
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0005|     
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0006|                                   
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0007|     
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0008|                                   
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0009|     
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0010|                                AN ACT
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0011|     RELATING TO PROPERTY TAXATION; PROVIDING FOR A SPECIAL METHOD
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0012|     OF VALUATION OF RESIDENTIAL PROPERTY FOR THE 1997 THROUGH 1999
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0013|     PROPERTY TAX YEARS.
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0014|     
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0015|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016|          Section 1.  A new section of the Property Tax Code is
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0017|     enacted to read:
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0018|          "[<u>NEW MATERIAL</u>]  SPECIAL METHOD OF VALUATION--
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0019|     RESIDENTIAL PROPERTY.--
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0020|               A.  All residential property subject to valuation
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0021|     for property taxation purposes by the county assessor shall be
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0022|     valued in accordance with the provisions of this section for
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0023|     the 1997 through 1999 property tax years.
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0024|               B.  The value for property taxation purposes for the
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0025|     1997 through 1999 property tax years of residential property
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0001|     that was valued for property taxation purposes in the 1996
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0002|     property tax year shall be its value for property taxation
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0003|     purposes in the 1996 property tax year and:
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0004|                    (1)  increased by the full value of any
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0005|     physical improvements made to the property during the period
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0006|     from January 1, 1996 to January 1 of the year in which the
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0007|     value for property taxation purposes is being determined;
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0008|                    (2)  increased by any increment of value
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0009|     resulting to the property from any rezoning or similar action
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0010|     of a governmental body that has resulted in a change of
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0011|     permitted use of the property since January 1, 1996; and
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0012|                    (3)  decreased by amounts of decreases in value
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0013|     allowed by the county assessor under Section 7-38-13 NMSA 1978
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0014|     for the 1997 and subsequent property tax years.
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0015|               C.  The value for property taxation purposes of
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0016|     residential property that is first valued for property taxation
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0017|     purposes in the 1997, 1998 or 1999 property tax years shall be
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0018|     its market value as determined by sales of comparable property
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0019|     adjusted to a value that is equivalent to its value for
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0020|     property taxation purposes in 1996 and:
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0021|                    (1)  increased by the full value of any
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0022|     physical improvements made to the property during the period
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0023|     from January 1, 1996 to January 1 of the year in which the
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0024|     value for property taxation purposes is being determined;
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0025|                    (2)  increased by any increment of value
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0001|     resulting to the property from art rezoning or similar action
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0002|     of a governmental body that has resulted in a change of
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0003|     permitted use of the property since January 1, 1996; and
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0004|                    (3)  decreased by amounts of decreases in value
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0005|     allowed by the county assessor under Section 7-38-13 NMSA 1978
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0006|     for the 1997 and subsequent property tax years."
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0007|          Section 2.  APPLICABILITY.--The provisions of this act
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0008|     apply to the 1997 through 1999 property tax years.
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0009|                                  
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0010|                            State of New Mexico
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0011|                      House of Representatives
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0012|   
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0013|                      FORTY-THIRD LEGISLATURE
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0014|                        FIRST SESSION, 1997
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0015|   
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0016|   
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0017|                                                  March 10, 1997
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0018|   
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0019|   
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0020|   Mr. Speaker:
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0021|   
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0022|        Your TAXATION AND REVENUE COMMITTEE, to whom has
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0023|   been referred
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0024|   
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0025|                       HOUSE BILL 1314
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0001|                               
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0002|   has had it under consideration and reports same with
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0003|   recommendation that it DO PASS, and thence referred to the
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0004|   APPROPRIATIONS AND FINANCE COMMITTEE.
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0005|   
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0006|                                 Respectfully submitted,
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0007|   
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0008|   
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0009|   
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0010|                                 <u>                                
</u>    |
<u></u>0011| <u>  
</u>    |
<u></u>0012| <u>                                </u>                             Jerry W. Sandel, Chairman
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0013|   
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0014|   
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0015|   Adopted <u>                    </u>     Not Adopted <u>                    
</u>    |
<u></u>0016| <u>   </u>
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0017|             (Chief Clerk)                       (Chief Clerk)
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0018|   
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0019|                        Date <u>            </u>
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0020|   
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0021|   The roll call vote was<u> 8 </u> For<u> 5 </u> Against
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0022|   Yes:      8
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0023|   No:       Crook, Gubbels, Parsons, Russell, Stell
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0024|             Excused:  None
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0025|             Absent:   None
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0002|   
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0003|   G:\BILLTEXT\BILLW_97\H1314
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