The bill's provisions are set to impact statutes relevant to the property tax code starting from the tax year 2026. It requires valuation authorities to consider comparable sales data when valuing properties and mandates them to provide this data in the notices sent to property owners. Additionally, the legislation acknowledges and protects taxpayers by prohibiting penalties or interest for delinquent taxes if the valuation notice was not issued on time, thus enhancing taxpayer rights and accountability.
Summary
House Bill 377 aims to amend several provisions regarding the valuation and classification of residential properties for property tax purposes in New Mexico. The bill introduces new definitions and valuation methods that emphasize the value of multiple like-kind properties owned by a single taxpayer within a county. This provision is intended to streamline assessments for taxpayers who might hold several properties, making the taxation process more equitable and manageable.
Contention
While supporters of HB 377 argue that the bill will improve the fairness and transparency of property taxes, there may be concerns about its implications on local government revenue collection and its ability to adapt to changes in property markets. The requirement for timely notifications and inclusion of detailed sales data could also place additional burdens on local assessment offices, raising questions about the implementation of these changes and related compliance costs.
Property tax: assessments; transfer of ownership of certain real property to certain individuals; exempt from uncapping of taxable value upon transfer. Amends sec. 27a of 1893 PA 206 (MCL 211.27a).
Property tax: exemptions; personal property constituting certain hydrogen fuel pumps; exempt. Amends secs. 27 & 34d of 1893 PA 206 (MCL 211.27 & 211.34d) & adds sec. 9q. TIE BAR WITH: HB 4112'25