NOTE: As provided in LFC policy, this report is intended for use by the standing finance committees of the legislature.  The Legislative Finance Committee does not assume responsibility for the accuracy of the information in this report when used in any other situation.

Only the most recent FIR version, excluding attachments, is available on the Intranet. Previously issued FIRs and attachments may be obtained from the LFC office in Suite 101 of the State Capitol Building North.

(Parenthesis ( ) Indicate Expenditure Decreases)

SOURCES OF INFORMATION

Taxation and Revenue Department (TRD)

Taxation and Revenue Selected Laws and Regulations, 2000 Edition

SUMMARY

     Synopsis of HTRC Amendment

This amendment makes a technical adjustment to HB628.

Synopsis of Original Bill

House Bill 628 amends Section 7-38-21 and Section 7-38-24 NMSA 1978 of the Property Tax Code to allow protests of valuation increases subject to limitation.

The provisions of this act apply to the year 2001 and subsequent property tax years.

Significant Issues

The bill would amend the Property Tax Code to make protest procedures applicable to recently enacted limitation on valuation increases. The new language is focused on clarifying a taxpayer's right to protest denial of a claim for limitation on increase in value of certain properties.

FISCAL IMPLICATIONS

No fiscal impact would be imposed on state or local revenue sources if this bill is enacted.

ADMINISTRATIVE IMPLICATIONS

This legislation simply clarifies for taxpayers and assessors alike that property owners may protest application of recent and potential future statutes limiting valuation increases. This may result in an increase of valuation protest cases filed which directly affect the counties, not the state.

TECHNICAL ISSUES

On page 1, Line 25, second "or" should be changed to the word "on."

No effective date is indicated; therefore, TRD assumes effective date to be 90 days following adjournment of the Legislative session, meaning June 15, 2001.

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