SENATE BILL 361

47th legislature - STATE OF NEW MEXICO - first session, 2005

INTRODUCED BY

Cisco McSorley

 

 

 

 

 

AN ACT

RELATING TO PROPERTY; INCREASING AMOUNTS EXEMPTED; PROVIDING FOR TRIENNIAL ADJUSTMENT OF DOLLAR AMOUNTS; AMENDING AND ENACTING CERTAIN SECTIONS OF THE NMSA 1978.

 

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

     Section 1. Section 42-10-1 NMSA 1978 (being Laws 1971, Chapter 215, Section 1, as amended) is amended to read:

     "42-10-1. EXEMPTIONS OF MARRIED PERSONS OR HEADS OF HOUSEHOLDS.--Personal property in the amount of [five hundred dollars ($500)] five thousand dollars ($5,000), tools of the trade in the amount of [fifteen hundred dollars ($1,500)] three thousand five hundred dollars ($3,500), one motor vehicle in the amount of [four thousand dollars ($4,000)] twenty thousand dollars ($20,000), jewelry in the amount of [twenty-five hundred dollars ($2,500)] five thousand dollars ($5,000), clothing, furniture, books, medical-health equipment being used for the health of the person and not for [his] the person's profession and any interest in or proceeds from a pension or retirement fund of every person supporting another person is exempt from receivers or trustees in bankruptcy or other insolvency proceedings, fines, attachment, execution or foreclosure by a judgment creditor. Property exempted shall be valued at the market value of used chattels. The dollar amounts listed in this section are subject to adjustment pursuant to Section 42-10-14 NMSA 1978."

     Section 2. Section 42-10-2 NMSA 1978 (being Laws 1971, Chapter 215, Section 2, as amended) is amended to read:

     "42-10-2. EXEMPTIONS OF PERSONS WHO SUPPORT ONLY THEMSELVES.--Personal property other than money in the amount of [five hundred dollars ($500)] five thousand dollars ($5,000), tools of the trade in the amount of [fifteen hundred dollars ($1,500)] three thousand five hundred dollars ($3,500), one motor vehicle in the amount of [four thousand dollars ($4,000)] twenty thousand dollars ($20,000), jewelry in the amount of [twenty-five hundred dollars ($2,500)] five thousand dollars ($5,000), clothing, furniture, books, medical-health equipment being used for the health of the person and not for [his] the person's profession and any interest in or proceeds from a pension or retirement fund of every person supporting only himself is exempt from receivers or trustees in bankruptcy or other insolvency proceedings, executors or administrators in probate, fines, attachment, execution or foreclosure by a judgment creditor. Property exempted shall be valued at the market value of used chattels. The dollar amounts listed in this section are subject to adjustment pursuant to Section 42-10-14 NMSA 1978."

     Section 3. Section 42-10-9 NMSA 1978 (being Laws 1971, Chapter 215, Section 6, as amended) is amended to read:

     "42-10-9. HOMESTEAD EXEMPTION.--Each person shall have exempt a homestead in a dwelling house and land occupied by him or in a dwelling house occupied by him although the dwelling is on land owned by another, provided that the dwelling is owned, leased or being purchased by the person claiming the exemption. Such a person has a homestead of [thirty thousand dollars ($30,000)] one hundred thousand dollars ($100,000) exempt from attachment, execution or foreclosure by a judgment creditor and from any proceeding of receivers or trustees in insolvency proceedings and from executors or administrators in probate. If the homestead is owned jointly by two persons, each joint owner is entitled to an exemption of [thirty thousand dollars ($30,000)] one hundred thousand dollars ($100,000). The dollar amounts listed in this section are subject to adjustment pursuant to Section 42-10-14 NMSA 1978."

     Section 4. Section 42-10-10 NMSA 1978 (being Laws 1971, Chapter 215, Section 7, as amended by Laws 1979, Chapter 9, Section 2 and also by Laws 1979, Chapter 182, Section 4) is amended to read:

     "42-10-10. EXEMPTION IN LIEU OF HOMESTEAD.--

          A. Any resident of this state who does not own a homestead shall in addition to other exemptions hold exempt real or personal property in the amount of [two thousand dollars ($2,000)] fifty thousand dollars ($50,000) in lieu of the homestead exemption. This amount is subject to adjustment pursuant to Section 42-10-14 NMSA 1978.

          B. Where the resident does not own a homestead, the sheriff or any other person or officer seeking to attach, execute or foreclose by judgment on property shall provide the resident with written notification of the resident's right to exemption in lieu of homestead as described in Subsection A of this section, together with a simple form by which the resident may designate that he is aware of the exemption and does or does not desire to claim the exemption. Where the resident refuses to make the election provided for in this section, the sheriff, other person or officer shall proceed to attach, execute or foreclose on the resident's property. Where the resident claims his exemption in lieu of homestead, the sheriff, other person or officer making attachment, execution or foreclosure by judgment shall file as part of his return a description, including the resident's stated value, of the property claimed as exempt, bearing the resident's signature witnessed by the sheriff, other person or officer seeking to attach, execute or foreclose."

     Section 5. A new Section 42-10-14 NMSA 1978 is enacted to read:

     "42-10-14. [NEW MATERIAL] ADJUSTMENT OF DOLLAR AMOUNTS.--

          A. On April 1, 2008 and on three-year intervals thereafter, each dollar amount in effect pursuant to Sections 42-10-1, 42-10-2, 42-10-9 and 42-10-10 NMSA 1978 shall be:

                (1) adjusted to reflect the change in the consumer price index for all urban consumers for all items, published by the United States department of labor, for the most recent three-year period ending December 31 preceding the adjustment date; and

                (2) rounded to the nearest twenty-five dollars ($25.00).

          B. By March 1, 2008 and on three-year intervals thereafter, the secretary of finance and administration shall publish each dollar amount that will be in effect on April 1 of that year pursuant to Sections 42-10-1, 42-10-2, 42-10-9 and 42-10-10 NMSA 1978."

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