SM 10 PROPERTY ASSESSMENT DISPARITY CORRECTION

Sen Steven P. Neville

Actions: [6] SRC/STBTC-SRC

Scheduled: Not Scheduled

 Senate Memorial 10 (SM 10) relates to property assessment disparities between residential and nonresidential holdings and seeks new legislation to address the issue. 

 The memorial asks the New Mexico Association of Counties to hold meetings to gather stackholder input and draft legislation to correct such disparities. It provides background on property assessments and asks that the proposed legislation be created based on principles of good tax policy and with an eye toward benefiting economic development for all property owners. It further says the legislation should limit annual property tax valuation increases and address property transfer issues in ranching and farming communities.

The proposed legislation is to be presented to the Revenue Stabilization and Tax Policy Committee and the interim legislative committee that studies economic development. No deadline is given.

A copy of SM 10 is to be sent to the executive director of the New Mexico Association of Counties.
 

 SM 10 is a duplicate of HM 44.