SENATE JOINT RESOLUTION 9

50th legislature - STATE OF NEW MEXICO - first session, 2011

INTRODUCED BY

William H. Payne

A JOINT RESOLUTION

PROPOSING AN AMENDMENT TO ARTICLE 8, SECTION 2 OF THE CONSTITUTION OF NEW MEXICO TO LIMIT TAXES ON REAL PROPERTY TO ONE PERCENT OF THE CURRENT AND CORRECT VALUE OF RESIDENTIAL PROPERTY AND ONE AND ONE-HALF PERCENT OF THE CURRENT AND CORRECT VALUE OF COMMERCIAL PROPERTY.

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

     SECTION 1. It is proposed to amend Article 8, Section 2 of the constitution of New Mexico to read:

          "A. Taxes levied upon real or personal property for state revenue shall not exceed four mills annually on each dollar of the assessed valuation thereof except for the support of the educational, penal and charitable institutions of the state, payment of the state debt and interest thereon; and the total annual tax levy upon such property for all state purposes exclusive of necessary levies for the state debt shall not exceed ten mills; provided, however, that taxes levied upon real or personal tangible property for all purposes, except special levies on specific classes of property and except necessary levies for public debt, shall not exceed twenty mills annually on each dollar of the assessed valuation thereof, but laws may be passed authorizing additional taxes to be levied outside of such limitation when approved by at least a majority of the qualified electors of the taxing district who paid a property tax therein during the preceding year voting on such proposition.

          B. The legislature shall provide by law, applicable to taxable years beginning no later than January 1, 2015, for a limit on the total annual tax levy upon each real property for all purposes, including special levies on specific classes of property and necessary levies for public debt, of no more than one percent of the current and correct value of residential property and one and one-half percent of the current and correct value of commercial property."

     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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