NM House Passes Property Valuation Changes
The New Mexico House has passed a bill to change the way non-occupied residential properties are assessed.
The bill would maintain the maximum property valuation increase for a homeowners residence at three-percent.
But the limit would increase to 10-percent on residential properties that are not a principal place of residents.
Rental properties would remain at three-percent provided the rental agreements last longer than 30-days.
Property assessment caps that were approved years ago have made property tax bills vary greatly depending on how long someone has owned a house, placing a greater burden on new property owners.
Bill cosponsor Jason Harper says the bill will help with that problem.
“The purpose of this bill is to start rolling back the original solution that caused all these problems,” he said. “I think we will start seeing a kind of bringing back of those ripples. We need to keep going. This isn’t the entire solution, but we’re going to start moving in the right direction.”
Bill supporters point out that New Mexico has some of the lowest property taxes in the region.
The bill passed on a 38-24 vote. It now moves on to the Senate.