Fiscal impact reports (FIRs) are prepared by the Legislative Finance Committee (LFC) for standing finance
committees of the NM Legislature. The LFC does not assume responsibility for the accuracy of these reports
if they are used for other purposes.
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F I S C A L I M P A C T R E P O R T
SPONSOR Taylor
ORIGINAL DATE
LAST UPDATED
2/8/08
HB
SHORT TITLE Property Tax Administrative Threshold
SB 483
ANALYST Francis
REVENUE (dollars in thousands)
Estimated Revenue
Recurring
or Non-Rec
Fund
Affected
FY08
FY09
FY10
Minimal
Recurring
Local
Governments
(Parenthesis ( ) Indicate Revenue Decreases)
There are several bills that relate to property tax a listing is below.
SOURCES OF INFORMATION
LFC Files
Response Received from
Taxation and Revenue Department (TRD)
SUMMARY
Synopsis of Bill
Senate Bill 483 increases the amount of administrative fee a county can charge for certain
property tax bills. Under current law, if the property tax owed is less than $5.00 but greater than
zero, a county can charge an administrative fee so that the total tax plus administrative fee does
not exceed $5.00. This bill changes that threshold to $15.
FISCAL IMPLICATIONS
The fiscal implications are likely to be minimal increases to county revenues. It is unknown how
many taxpayers owe so little tax that they would be subject to this administrative fee or how
many counties have passed the required resolution to charge the fee. TRD reports that several
counties have many properties that have essentially no taxable value but that the total amount of
impact for all counties is likely less than $50,000.
SIGNIFICANT ISSUES
The effect of the bill is to set the minimum property tax at $15.00 unless the taxpayer owes no
property tax.
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Senate Bill 483 Page
2
CONFLICT, DUPLICATION, COMPANIONSHIP, RELATIONSHIP
Other property tax related legislation being considered in the 2008 session:
Bill Number
Title
Description
H229
END YIELD CONTROL ON SCHOOL MILL
LEVY
Allow school districts to levy posted tax rate
H264
RESIDENTIAL PROPERTY TRANSFER
AFFIDAVITS
Allow affidavits about property value to be used
for count
y
protests
H276/SB398
SUNCAL TAX INCREMENT PROJECT
BONDS
10 percent diversion of Bernalillo County property
taxes to tax increment district
H295/SB355/SB116 RAISE PROPERTY TAX LIMITATION
INCOME LIMIT
Raise the income threshold for taxpayers over
age 65
H324
CHARITABLE CARE PROPERTY TAX
VALUATION
Exempt certain nursing homes from valuation
H388
REQUIRE DISCLOSURE OF REAL
PROPERTY TAXES
Disclosure of estimated property tax to home
bu
y
ers
H617
PROPERTY TAX ON COMMUNICATIONS
SYSTEM LAND
Expand the definition of communication system
land in exemption
HJR1
NATIONAL GUARD VETERAN
PROPERTY TAXES, CA
Include national guard veterans in military veteran
exemption
HJR4
SENIOR CITIZEN PROPERTY TAX
EXEMPTION, C
A
Phase out property tax for seniors
HJR6
VETERANS' ORGANIZATION PROPERTY
TAXES, C
A
Exempt certain property from valuation
HJR10
STATEW IDE MILLAGE RATE FOR
SCHOOL FUNDS, CA
Add additional 5 mills for education on statewide
propert
y
tax
S449
LOW -INCOME PROPERTY TAX REBATE
ELIGIBILITY
Expand income threshold for local governmetn
low income propert
y
tax rebate
S450
PROPERTY TAX VALUATION &
REASSESSMENT
Revalue property that transferred in 2005/2006 to
2004 levels
S483
PROPERTY TAX ADMINISTRATIVE FEE
THRESHOLD
Raise minimum amount of tax admin fee plus tax
to $15
S516
PROPERTY TAX DELINQUENCY
NOTICES & TIMING
Extends the time limit property tax can be
delinquent before sold.
SJR11
HEAD OF FAMILY PROPERTY TAX
EXEMPTION, C
A
Increases head of family exemption to $20,000
from $2,000.
SJR14
PROPERTY TAX LIMITATIONS, CA
Imposes maximum total tax levy of no more than
1 percent of current and correct tax value.
NF/bb