0001|                        SENATE BILL 329
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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|                       JOSEPH J. CARRARO
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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 TAXATION; ENACTING A NEW SECTION OF THE PROPERTY TAX
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0013|     CODE TO PROHIBIT INCREASES IN VALUATION OF RESIDENTIAL PROPERTY
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0014|     OWNED BY AND OCCUPIED AS THE PRINCIPAL PLACE OF RESIDENCE OF AN
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0015|     INDIVIDUAL SIXTY-FIVE YEARS OF AGE OR OLDER.
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0016|     
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0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018|       Section 1.  A new section of the Property Tax Code is
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0019|     enacted to read:
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0020|       "[<u>NEW MATERIAL</u>]  INCREASE IN VALUATION--CERTAIN
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0021|     RESIDENTIAL PROPERTY--LIMITATION.--
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0022|            A.  The value for property taxation purposes of
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0023|     residential property owned by and occupied as the principal
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0024|     place of residence of an individual sixty-five years of age or
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0025|     older shall be the value of the property for property taxation
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0001|     purposes for the property tax year in which the individual's
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0002|     sixty-fifth birthday occurs or the 1997 property tax year, if
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0003|     the individual's sixty-fifth birthday occurred prior to 1997.
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0004|            B.  Except as provided in Subsection C of this
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0005|     section, the value of property that is subject to the provisions
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0006|     of Subsection A of this section shall not be increased until the
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0007|     property tax year immediately following the first property tax
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0008|     year in which the property is not owned by and occupied as the
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0009|     principal place of residence of an individual sixty-five years
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0010|     of age or older for any part of the property tax year.  The
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0011|     value of the property for that property tax year and subsequent
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0012|     property tax years shall be its value for property taxation
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0013|     purposes as provided for residential property in the Property
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0014|     Tax Code.
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0015|            C.  The value of property established pursuant to the
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0016|     provisions of Subsection A of this section shall be decreased if
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0017|     the value of the property for property taxation purposes,
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0018|     without regard to the provisions of Subsection A of this
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0019|     section, decreases.  If the value of such property for property
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0020|     taxation purposes, without regard to the provisions of
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0021|     Subsection A of this section, subsequently increases, the value
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0022|     for property taxation purposes shall be increased to that value
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0023|     or to the value established pursuant to Subsection A of this
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0024|     section, whichever is the lower value.
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0025|            D.  The department shall adopt regulations to assure
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0001|     uniformity in the implementation of the provisions of this
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0002|     section."
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0003|       Section 2.  APPLICABILITY.--The provisions of this act
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0004|     apply to the 1997 and subsequent property tax years.
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0005|                                    
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0006|   
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0007|                    FORTY-SECOND LEGISLATURE
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0008|                      SECOND SESSION, 1996
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0009|   
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0010|   
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0011|                                              FEBRUARY 9, 1996
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0012|   
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0013|   Mr. President:
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0014|   
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0015|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0016|   
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0017|                           SENATE BILL 329
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0018|   
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0019|   has had it under consideration and finds same to be GERMANE, 
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0020|   PURSUANT TO CONSTITUTIONAL PROVSIONS, and thence referred to the WAYS
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0021|   AND MEANS COMMITTEE.
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0022|   
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0023|                              Respectfully submitted,
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0024|   
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0025|   
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0001|   
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0002|   
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0003|                              __________________________________
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0004|                              SENATOR MANNY M. ARAGON, Chairman 
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0005|   
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0006|   
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0007|   
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0008|   Adopted_______________________ Not Adopted_______________________
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0009|             (Chief Clerk)                        (Chief Clerk)
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0010|   
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0011|   
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0012|                     Date ________________________
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0013|   
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0014|   
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0015|   
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0016|   S0329CC1
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