Bill > HM53

This Memorial requests the Property Tax Division of the Taxation and Revenue Department, working with county assessors, to study the financial consequences for all property owners if the assessed value of primary residences is capped for individuals aged 75 and older who have lived in their homes for at least 25 years, recognizing their long-term commitment to their communities and suggesting they should not face rising property taxes on these homes. The study's findings are to be reported to the legislature by December 15, 2022, and copies of this request will be sent to the Property Tax Division director and the New Mexico Association of Counties executive director.