This joint resolution proposes an amendment to Article 8, Section 1 of the New Mexico Constitution, allowing the legislature to impose limits on the annual increases in the valuation of nonresidential property for property taxation purposes. The amendment aims to ensure that taxes on tangible property remain proportional to their value and uniform across similar classes of property. It also allows for different methods to determine property value while maintaining a cap on the percentage of value against which tax rates are assessed.

Under the proposed amendment, the legislature would have the authority to establish valuation limitations for nonresidential properties, which could be applied based on various criteria such as owner-occupancy, age, or income. These limitations could be enacted statewide or at the discretion of local jurisdictions, with provisions for how property tax rates would be applied in relation to these valuation limits. The resolution stipulates that the proposed amendment will be presented to the public for approval or rejection during the next general election or any special election called before that date.