SENATE MEMORIAL 10

56th legislature - STATE OF NEW MEXICO - second session, 2024

INTRODUCED BY

Steven P. Neville and Leo Jaramillo

 

 

 

 

 

A MEMORIAL

REQUESTING THE NEW MEXICO ASSOCIATION OF COUNTIES TO CONVENE STATEWIDE MEETINGS TO CREATE LEGISLATION FOR THE CORRECTION OF PROPERTY ASSESSMENT DISPARITIES BETWEEN RESIDENTIAL AND NONRESIDENTIAL PROPERTIES.

 

     WHEREAS, "fairness" and "equity" are guiding principles of all assessing offices; and

     WHEREAS, residential property transfer affidavits have been in effect in New Mexico since 2004; and

     WHEREAS, New Mexico is one of only a few states that do not require disclosure of the final sales price of nonresidential property for purposes of analytical and statistical analysis by local assessors; and

     WHEREAS, both residential and nonresidential property should be treated with similar fairness and equity; and

     WHEREAS, equity and simplicity are principles of good tax policy; and

     WHEREAS, valuation disparity in property assessment is detrimental to economic development; and

     WHEREAS, treating residential and nonresidential properties equitably is good tax policy; and

     WHEREAS, collaboration between public and private partnerships creates better legislation; and

     WHEREAS, community members who buy, own and sell nonresidential property have expertise in this area; and

     WHEREAS, community members who appraise or protest the valuation of nonresidential property have expertise in this area; and

     WHEREAS, county assessors and their staff have expertise in this area; and

     WHEREAS, the New Mexico association of counties was incorporated in 1968 as a nonprofit, nonpartisan organization and serves as a statewide voice for all thirty-three New Mexico counties;

     NOW, THEREFORE, BE IT RESOLVED BY THE SENATE OF THE STATE OF NEW MEXICO that the New Mexico association of counties be requested to convene statewide stakeholder meetings with community members and county assessors for the purpose of creating sound legislation based upon principles of good tax policy, treating residential and nonresidential property fairly and equitably for the purpose of correcting disparities in valuation in order to benefit economic development for all property owners; and

     BE IT FURTHER RESOLVED that legislation be proposed that will limit annual property tax valuation increases and address impacts on the transfer of property in farming and ranching communities; and

     BE IT FURTHER RESOLVED that proposed legislation be presented to the revenue stabilization and tax policy committee and the interim committee that studies economic development and policy; and

     BE IT FURTHER RESOLVED that a copy of this memorial be transmitted to the executive director of the New Mexico association of counties.

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