0001| HOUSE BILL 1314
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0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003| INTRODUCED BY
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0004| BEN LUJAN
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0005|
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0006|
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0007|
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0008|
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0009|
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0010| AN ACT
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0011| RELATING TO PROPERTY TAXATION; PROVIDING FOR A SPECIAL METHOD
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0012| OF VALUATION OF RESIDENTIAL PROPERTY FOR THE 1997 THROUGH 1999
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0013| PROPERTY TAX YEARS.
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0014|
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0015| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016| Section 1. A new section of the Property Tax Code is
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0017| enacted to read:
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0018| "[NEW MATERIAL] SPECIAL METHOD OF VALUATION--
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0019| RESIDENTIAL PROPERTY.--
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0020| A. All residential property subject to valuation
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0021| for property taxation purposes by the county assessor shall be
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0022| valued in accordance with the provisions of this section for
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0023| the 1997 through 1999 property tax years.
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0024| B. The value for property taxation purposes for the
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0025| 1997 through 1999 property tax years of residential property
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0001| that was valued for property taxation purposes in the 1996
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0002| property tax year shall be its value for property taxation
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0003| purposes in the 1996 property tax year and:
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0004| (1) increased by the full value of any
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0005| physical improvements made to the property during the period
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0006| from January 1, 1996 to January 1 of the year in which the
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0007| value for property taxation purposes is being determined;
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0008| (2) increased by any increment of value
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0009| resulting to the property from any rezoning or similar action
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0010| of a governmental body that has resulted in a change of
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0011| permitted use of the property since January 1, 1996; and
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0012| (3) decreased by amounts of decreases in value
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0013| allowed by the county assessor under Section 7-38-13 NMSA 1978
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0014| for the 1997 and subsequent property tax years.
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0015| C. The value for property taxation purposes of
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0016| residential property that is first valued for property taxation
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0017| purposes in the 1997, 1998 or 1999 property tax years shall be
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0018| its market value as determined by sales of comparable property
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0019| adjusted to a value that is equivalent to its value for
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0020| property taxation purposes in 1996 and:
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0021| (1) increased by the full value of any
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0022| physical improvements made to the property during the period
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0023| from January 1, 1996 to January 1 of the year in which the
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0024| value for property taxation purposes is being determined;
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0025| (2) increased by any increment of value
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0001| resulting to the property from art rezoning or similar action
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0002| of a governmental body that has resulted in a change of
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0003| permitted use of the property since January 1, 1996; and
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0004| (3) decreased by amounts of decreases in value
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0005| allowed by the county assessor under Section 7-38-13 NMSA 1978
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0006| for the 1997 and subsequent property tax years."
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0007| Section 2. APPLICABILITY.--The provisions of this act
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0008| apply to the 1997 through 1999 property tax years.
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0009|
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0010| State of New Mexico
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0011| House of Representatives
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0012|
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0013| FORTY-THIRD LEGISLATURE
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0014| FIRST SESSION, 1997
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0015|
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0016|
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0017| March 10, 1997
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0018|
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0019|
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0020| Mr. Speaker:
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0021|
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0022| Your TAXATION AND REVENUE COMMITTEE, to whom has
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0023| been referred
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0024|
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0025| HOUSE BILL 1314
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0001|
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0002| has had it under consideration and reports same with
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0003| recommendation that it DO PASS, and thence referred to the
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0004| APPROPRIATIONS AND FINANCE COMMITTEE.
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0005|
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0006| Respectfully submitted,
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0007|
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0008|
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0009|
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0010|
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0011|
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0012| Jerry W. Sandel, Chairman
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0013|
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0014|
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0015| Adopted Not Adopted
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0016|
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0017| (Chief Clerk) (Chief Clerk)
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0018|
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0019| Date
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0020|
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0021| The roll call vote was 8 For 5 Against
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0022| Yes: 8
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0023| No: Crook, Gubbels, Parsons, Russell, Stell
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0024| Excused: None
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0025| Absent: None
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0003| G:\BILLTEXT\BILLW_97\H1314
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