Bill > SJR14

This Joint Resolution proposes an amendment to the New Mexico Constitution to allow the state legislature to enact laws that limit how much the assessed value of certain real property can increase each year for property tax purposes. Specifically, it would permit the legislature to create these limitations for real property located within areas of a county that have been officially designated as "economic development or revitalization zones" by the county commissioners, meaning these are areas targeted for business growth or improvement. This proposed change would be added to existing constitutional provisions that already allow for limitations on residential property value increases, and if approved by voters, would be put to a vote at the next general election.