44TH LEGISLATURE - STATE OF NEW MEXICO - FIRST SESSION, 1999

RELATING TO TAXATION; ESTABLISHING A METHOD OF VALUATION FOR PROPERTY TAXATION PURPOSES FOR CERTAIN RESIDENTIAL PROPERTY; FREEZING VALUES FOR SINGLE-FAMILY DWELLINGS OCCUPIED BY OWNERS SIXTY-FIVE YEARS OF AGE AND OLDER; DECLARING AN EMERGENCY.

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

Section 1. A new section of Chapter 7, Article 36 NMSA 1978 is enacted to read:

"[NEW MATERIAL] LIMITATION ON INCREASE IN VALUE FOR SINGLE-FAMILY DWELLINGS OCCUPIED BY OWNER SIXTY-FIVE YEARS OF AGE OR OLDER.--

A. For the 1999 and subsequent tax years the valuation for property taxation purposes of a single-family dwelling owned and occupied by a person sixty-five years of age or older shall be the greater valuation of the property for property taxation purposes in the:

(1) 1999 tax year; or

(2) the year in which the owner had his sixty-fifth birthday.

B. The limitation of value specified in Subsection A of this section shall be applied in a tax year in which the owner claiming entitlement files with the county assessor an application for the limitation on a form furnished to him by the assessor at the time notices of valuation are sent out by the assessor pursuant to Section 7-38-20 NMSA 1978. The application form shall be designed by the department and shall provide for proof of age and occupancy for the tax year for which application is made."

Section 2. APPLICABILITY.--The provisions of this act apply to 1999 and subsequent tax years.

Section 3. EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect immediately.