SENATE JOINT RESOLUTION 8
54th legislature - STATE OF NEW MEXICO - second session, 2020
Linda M. Lopez
A JOINT RESOLUTION
PROPOSING AN AMENDMENT TO ARTICLE 8 OF THE CONSTITUTION OF NEW MEXICO TO REQUIRE THE LEGISLATURE TO EXEMPT BETWEEN FIFTY PERCENT AND ONE HUNDRED PERCENT OF THE VALUE OF RESIDENTIAL PROPERTY OF NEW MEXICO RESIDENTS WHO ARE AT LEAST SEVENTY YEARS OF AGE, HAVE MODIFIED GROSS INCOME OF THIRTY-FOUR THOUSAND DOLLARS ($34,000) OR LESS AND HAVE OWNED THE PROPERTY FOR AT LEAST FIFTEEN CONSECUTIVE YEARS.
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 up to one hundred percent of the taxable value of residential property subject to property taxation used as the primary residence of a New Mexico resident who has owned the property for at least fifteen consecutive years, who is age seventy years or older and whose modified gross income, as determined by law, is thirty-four thousand dollars ($34,000) or less. The exemption shall be allowed in the following percentages of taxable value:
A. for a person who is seventy years of age or older but less than seventy-five years, fifty percent;
B. for a person who is seventy-five years of age or older but less than eighty years, seventy-five percent; and
C. for a person who is eighty years of age or older, one hundred percent."
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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