SENATE JOINT RESOLUTION 17

48th legislature - STATE OF NEW MEXICO - second session, 2008

INTRODUCED BY

James G. Taylor

A JOINT RESOLUTION

PROPOSING AN AMENDMENT TO ARTICLE 8 OF THE CONSTITUTION OF NEW MEXICO TO PROVIDE A PROPERTY TAX EXEMPTION IN AN AMOUNT EQUAL TO FIVE PERCENT OF THE TAXABLE VALUE OF THE PROPERTY FOR PERSONS WHO HAVE OCCUPIED THEIR PROPERTY AS THEIR PRINCIPAL PLACE OF RESIDENCE FOR FIFTEEN YEARS OR MORE.

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

     Section 1. It is proposed to amend Article 8 of the constitution of New Mexico by adding a new section to read:

     "The legislature shall exempt from taxation the property of a person in an amount equal to five percent of the taxable value of the property if the person has occupied the property as the person's principal place of residence for fifteen years or more. The burden of proving eligibility for the exemption provided in this section is on the person claiming the exemption."

     Section 2. The amendment proposed by this resolution shall be submitted to the people for their approval or rejection at the next general election or at any special election prior to that date that may be called for that purpose.

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