0001|                         HOUSE BILL 733
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003|     1996
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0004|                         INTRODUCED BY
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0005|                           BEN LUJAN
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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|     
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0011|                             AN ACT
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0012|     RELATING TO PROPERTY TAXATION; PROVIDING A SPECIAL METHOD OF
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0013|     VALUATION FOR RESIDENTIAL PROPERTY.
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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|       "[<u>NEW MATERIAL</u>]  SPECIAL METHOD OF VALUATION--RESIDENTIAL
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0019|     PROPERTY.--
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0020|            A.  All residential property subject to valuation for
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0021|     property taxation purposes by the county assessor shall be
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0022|     valued in accordance with the provisions of this section.
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0023|            B.  The value for property taxation purposes for the
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0024|     1996, 1997, 1998 and 1999 property tax years of residential
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0025|     property that was valued for property taxation purposes in the
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0001|     1995 property tax year shall be its market value in 1995 as
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0002|     determined by sales of comparable property and:
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0003|                 (1)  increased by the full value of any physical
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0004|     improvements made to the property during the period from January
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0005|     1, 1996 to January 1 of the year in which the value for property
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0006|     taxation purposes is being determined;
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0007|                 (2)  increased by any increment of value
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0008|     resulting to the property from any rezoning or similar action of
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0009|     a governmental body that has resulted in a change of permitted
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0010|     use of the property since January 1, 1996; and
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0011|                 (3)  decreased by amounts of decreases in value
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0012|     allowed by the county assessor under Section 7-38-13 NMSA 1978
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0013|     for the 1996 and subsequent property tax years.
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0014|            C.  The value for property taxation purposes of
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0015|     residential property that is first valued for property taxation
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0016|     purposes in the 1996, 1997, 1998 or 1999 property tax years
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0017|     shall be its market value as determined by sales of comparable
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0018|     property adjusted to a value that is equivalent to the market
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0019|     value in 1995 and:
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0020|                 (1)  increased by the full value of any physical
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0021|     improvements made to the property during the period from January
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0022|     1 of the year in which it was first valued for property taxation
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0023|     purposes to January 1 of the year in which the value for
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0024|     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 any rezoning or similar action of
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0002|     a governmental body that has resulted in a change of permitted
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0003|     use of the property since January 1 of the year in which it was
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0004|     first valued for property taxation purposes; and
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0005|                 (3)  decreased by amounts of decreases in value
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0006|     allowed by the county assessor under Section 7-38-13 NMSA 1978
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0007|     for the 1999 and subsequent property tax years.
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0008|            D.  The value for property taxation purposes for the
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0009|     2000 and 2001 property tax years of residential property that
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0010|     was valued for property taxation purposes in the 1999 property
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0011|     tax year shall be its market value as determined by sales of
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0012|     comparable property adjusted to a value that is equivalent to
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0013|     the market value in 1997 for the 2000 property tax year and the
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0014|     market value in 1999 for the 2001 property tax year and, in each
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0015|     case:
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0016|                 (1)  increased by the full value of any physical
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0017|     improvements made to the property during the period from January
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0018|     1, 1999 to January 1 of the year in which the value for property
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0019|     taxation purposes is being determined;
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0020|                 (2)  increased by any increment of value
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0021|     resulting to the property from any rezoning or similar action of
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0022|     a governmental body that has resulted in a change of permitted
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0023|     use of the property since January 1, 1999; and
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0024|                 (3)  decreased by amounts of decreases in value
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0025|     allowed by the county assessor under Section 7-38-13 NMSA 1978
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0001|     for the 1999 and subsequent property tax years.
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0002|            E.  The value for property taxation purposes of
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0003|     residential property that is first valued for property taxation
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0004|     purposes in the 2000 or 2001 property tax years shall be its
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0005|     market value as determined by sales of comparable property
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0006|     adjusted to a value that is equivalent to the market value in
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0007|     1997 for the 2000 property tax year and the market value in 1999
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0008|     for the 2001 property tax year, and in each case:
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0009|                 (1)  increased by the full value of any physical
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0010|     improvements made to the property during the period from January
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0011|     1 of the year in which it was first valued for property taxation
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0012|     purposes to January 1 of the year in which the value for
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0013|     property taxation purposes is being determined;
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0014|                 (2)  increased by any increment of value
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0015|     resulting to the property from any rezoning or similar action of
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0016|     a governmental body that has resulted in a change of permitted
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0017|     use of the property since January 1 of the year in which it was
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0018|     first valued for property taxation purposes; and
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0019|                 (3) decreased by amounts of decreases in value
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0020|     allowed by the county assessor under Section 7-38-13 NMSA 1978
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0021|     for the 1996 and subsequent property tax years."
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0022|       Section 2.  APPLICABILITY.--The provisions of this act
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0023|     apply to the 1996 through 2001 property tax years.
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0024|                              
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