summary
Introduced
01/18/2022
01/18/2022
In Committee
02/03/2022
02/03/2022
Crossed Over
02/09/2022
02/09/2022
Passed
Dead
02/17/2022
02/17/2022
Introduced Session
2022 Regular Session
Bill Summary
AN ACT RELATING TO TAXATION; PROVIDING A THREE PERCENT LIMITATION ON INCREASES IN VALUATION OF RESIDENTIAL PROPERTY THAT IS OCCUPIED AS A PRINCIPAL PLACE OF RESIDENCE; PROVIDING A TEN PERCENT LIMITATION ON INCREASES IN VALUATION OF RESIDENTIAL PROPERTY THAT IS NOT OCCUPIED AS A PRINCIPAL PLACE OF RESIDENCE.
AI Summary
This bill proposes to limit the increase in valuation of residential property for property tax purposes. For the 2024 and subsequent tax years, the bill sets a 3% limit on the annual increase in valuation for residential properties that are the owner's principal place of residence, and a 10% limit for residential properties that are not the owner's principal place of residence. The bill includes some exceptions, such as for new construction, changes in ownership, or changes in use or zoning. The bill aims to provide more stability and predictability in property tax assessments for homeowners.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (4)
Last Action
Senate Tax, Business and Transportation Committee (00:00 2/15/2022 Room 321) (on 02/15/2022)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=71&year=22 |
| BillText | https://www.nmlegis.gov/Sessions/22%20Regular/bills/house/HB0071.pdf |
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