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HB 301: SPECIAL LAND EVALUATION METHOD EXTENSION

An Act Relating To Property Taxation; Providing For A One-year Extension On The Use Of A Special Method Of Valuation For Land That A County Assessor Determines Is No Longer Being Used Primarily For Agricultural Purposes; Declaring An Emergency

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MILD HB 301
SPECIAL LAND EVALUATION METHOD EXTENSION

Legislative URL:
HB 301 on nmlegis.gov
Emergency Clause:
Yes
Germane:
N/A
Location:
HTRC
Action:
[9] HAGC/HTRC-HAGC [13] DP/a-HTRC API.
Issue(s):

Related Legislators

Bill Sponsor:

Related Documents

Downloads:
Introduced
HAGC Committee Report
Fiscal Impact Report
Summary

This measures amends §7-36-20 NMSA 1978 to create a one-year extension for property owners using the special valuation method for agricultural land after a county assessor determines that land in question is no longer being used primarily for agricultural purposes.

 

This bill may have the positive effect of preventing such land from being subject to a dramatic increase in property taxes and also allow time to the owner for appealing the change in purpose that the assessor determines. That may be a positive step towards keeping properties from being sold quickly for development or other use that would cause the loss of undeveloped land.

 

This bill is not a companion bill to SB 248 but addresses the same issue. Both bills share the same pair of sponsors.

 

Date of Summary:  2/4/2014

 

The HAGC amended the bill on 2/14/14 to limit its scope. The extension of the special valuation will not be limited to one-year, but will be limited to those years for which the U.S. Department of Agriculture confirms that drought conditions existed in the county during the previous taxable year. In addition, the property owner must submit an affidavit “stating the property owner’s intent to resume primary use of the land for agricultural purposes upon cessation of drought conditions or any sooner time upon which the land may be used primarily for that purpose.”

 

The FIR for the bill has been issued and raises a number of interesting concerns.

 

Date of Revised Summary:  2/16/14

Outcome:

HB 301 died in the House Taxation and Revenue Committee.

 

Updated 7/31/14