Transfer Of Property Affidavits
The bill specifically amends Section 7-38-12.1 of the New Mexico Statutes Annotated, enhancing the current framework for property transfers. By instituting this requirement, local assessors will have more robust data for analytical and statistical purposes, which can improve appraisal methodologies. However, it also places an additional administrative burden on individuals and corporations involved in property transactions by requiring them to file these affidavits.
Senate Bill 338 mandates that an affidavit must be filed with the county assessor upon the transfer of any real property in New Mexico. The affidavit will need to be submitted within thirty days of recording the transfer deed with the county clerk. This requirement aims to streamline information collection regarding property transfers, ensuring that data pertinent to property valuation and taxation purposes is accurately maintained by local authorities.
There may be points of contention regarding the practicality and implications of this affidavit requirement. Critics might argue that this could complicate the process of property transactions, with potential delays and increased workload for county offices. Furthermore, concerns about privacy may arise due to the collection of detailed personal information, including the names and addresses of all parties involved in property transfers.
The bill specifies that certain transactions will be exempt from this affidavit requirement, such as the transfer of non-residential properties and deeds resulting from family transfers or court orders. This exemption is intended to balance the need for data collection with the recognition of more straightforward transactions that do not necessitate additional oversight.