Fiscal impact reports (FIRs) are prepared by the Legislative Finance Committee (LFC) for standing finance
committees of the NM Legislature. The LFC does not assume responsibility for the accuracy of these reports
if they are used for other purposes.
Current FIRs (in HTML & Adobe PDF formats) are a vailable on the NM Legislative Website (legis.state.nm.us).
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attachments may be obtained from the LFC in Suite 101 of the State Capitol Building North.
F I S C A L I M P A C T R E P O R T
SPONSOR Taylor
ORIGINAL DATE
LAST UPDATED
2/8/08
HB
SHORT TITLE Property Tax Administrative Threshold
SB 483
ANALYST Francis
REVENUE (dollars in thousands)
Estimated Revenue
Recurring
or Non-Rec
Fund
Affected
FY08
FY09
FY10
Minimal
Recurring
Local
Governments
(Parenthesis ( ) Indicate Revenue Decreases)
There are several bills that relate to property tax – a listing is below.
SOURCES OF INFORMATION
LFC Files
Response Received from
Taxation and Revenue Department (TRD)
SUMMARY
Synopsis of Bill
Senate Bill 483 increases the amount of administrative fee a county can charge for certain
property tax bills. Under current law, if the property tax owed is less than $5.00 but greater than
zero, a county can charge an administrative fee so that the total tax plus administrative fee does
not exceed $5.00. This bill changes that threshold to $15.
FISCAL IMPLICATIONS
The fiscal implications are likely to be minimal increases to county revenues. It is unknown how
many taxpayers owe so little tax that they would be subject to this administrative fee or how
many counties have passed the required resolution to charge the fee. TRD reports that several
counties have many properties that have essentially no taxable value but that the total amount of
impact for all counties is likely less than $50,000.
SIGNIFICANT ISSUES
The effect of the bill is to set the minimum property tax at $15.00 unless the taxpayer owes no
property tax.