New Mexico House Bill HB377

New Mexico 2025 Regular Session

• Introduced: 2/11/25

Caption

Residential Property Valuation Changes

Impact

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.