HOUSE MEMORIAL 53

55th legislature - STATE OF NEW MEXICO - second session, 2022

INTRODUCED BY

Art De La Cruz

 

 

 

 

 

A MEMORIAL

REQUESTING THE PROPERTY TAX DIVISION OF THE TAXATION AND REVENUE DEPARTMENT TO WORK WITH COUNTY ASSESSORS TO DETERMINE THE DIRECT FINANCIAL IMPACT TO ALL PROPERTY OWNERS IN A COUNTY OF CAPPING THE VALUATION OF THE PRIMARY RESIDENCES OF PERSONS AGE SEVENTY-FIVE OR OLDER WHO HAVE LIVED IN THE RESIDENCES FOR AT LEAST TWENTY-FIVE YEARS.

 

     WHEREAS, individuals age seventy-five or older who have continuously resided in their homes as a primary residence for at least twenty-five years have demonstrated that they are vested in their communities; and

     WHEREAS, these individuals deserve to no longer see increases in their property taxes for the homes they have resided in for all those years; and

     WHEREAS, a study should be conducted to determine the financial impact on all property owners of a cap on the valuation of property owned by persons age seventy-five or older who have lived in their homes for at least twenty-five years;

     NOW, THEREFORE, BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES OF THE STATE OF NEW MEXICO that the property tax division of the taxation and revenue department be requested to conduct a study, with the cooperation of the county assessors, to determine the direct financial impact to all property owners in each county if the valuation of the primary places of residence of persons age seventy-five or older who have resided in their homes as a primary place of residence for at least twenty-five years is capped for property tax purposes; and

     BE IT FURTHER RESOLVED that the property tax division and the chair of the assessor's affiliate of the New Mexico association of counties be requested to report the findings of the study to the appropriate legislative interim committee on or before December 15, 2022; and

     BE IT FURTHER RESOLVED that copies of this memorial be transmitted to the director of the property tax division of the taxation and revenue department and the executive director of the New Mexico association of counties.

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