0001|                      HOUSE JOINT RESOLUTION 18
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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|                           TIMOTHY E. MACKO
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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|                          A JOINT RESOLUTION
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0011|     PROPOSING TO AMEND ARTICLE 8 OF THE CONSTITUTION OF NEW MEXICO
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0012|     BY ADDING A NEW SECTION TO PROHIBIT INCREASES IN THE VALUE OF
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0013|     PROPERTY FOR PROPERTY TAXATION PURPOSES OF THE PRINCIPAL PLACE
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0014|     OF RESIDENCE OF A PERSON SIXTY-FIVE YEARS OF AGE OR OLDER. 
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0015|     
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0016|     BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|          Section 1.  It is proposed to amend Article 8 of the
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0018|     constitution of New Mexico by adding a new section to read:
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0019|          "The legislature shall provide by law for prohibiting
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0020|     increases in the valuation of residential property owned by a
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0021|     person sixty-five years of age or older who occupies the
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0022|     property as his principal place of residence.  The valuation
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0023|     for property taxation purposes for any property tax year of
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0024|     property that qualifies for this valuation cap shall not exceed
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0025|     its valuation for property tax purposes for the 1998 property
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0001|     tax year or the property tax year in which the taxpayer first
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0002|     qualifies for the valuation cap, whichever is later.  The
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0003|     valuation cap shall apply until the property tax year following
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0004|     the year in which the property is no longer the taxpayer's
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0005|     principal place of residence or the taxpayer no longer owns the
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0006|     property."
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0007|          Section 2.  The amendment proposed by this resolution
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0008|     shall be submitted to the people for their approval or
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0009|     rejection at the next general election or at any special
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0010|     election prior to that date which may be called for that
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0011|     purpose.
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0012|                              
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