Current through Register Vol. 35, No. 18, September 24, 2024
A. Valuation for
property tax year 2001: For counties whose sales ratio for residential property
is at least 85 percent for the 2000 property tax year, valuations for
residential properties in the county for the 2001 property tax year shall be
determined under this subsection.
(1) For
residential properties being valued for the first time or that underwent in
2000 a change of ownership, as that term is defined in Section
7-36-21.2
NMSA 1978, use or zoning, the valuation for property taxation purposes for 2001
shall be the property's current and correct value.
(2) For all other residential properties, the
valuation for 2001 shall not exceed 106.1 percent of the sum of the property's
valuation for property taxation purposes in 1999 plus the contributory value of
physical changes made to the property not already recognized in the property
record or 103 percent of the sum of the property's valuation for property
taxation purposes in 2000 plus the contributory value of physical changes made
to the property not already recognized in the property record.
B. Valuation in the 2002 and
subsequent property tax years: For counties whose sales ratio for residential
property is at least 85% for the 2000 property tax year and, beginning with the
property tax year following the property tax year for which the county's sales
ratio was at least 85%, for counties whose sales ratio for residential property
is less than 85% for property tax year 2000 but whose sales ratio is at least
85% for any subsequent property tax year, the current and correct values of
residential property for property tax years subsequent to 2001 shall be:
(1) For a single-family dwelling owned and
occupied by an individual who is at least sixty-five years old on the valuation
date, who meets the income requirements of Section
7-36-21.3
NMSA 1978 for the property tax year and who has claimed for the property tax
year entitlement to the provisions of Section
7-36-21.3
NMSA 1978 in accordance with applicable regulations and instructions, the
valuation shall be lesser of (i) the current and correct value of the property
or (ii) the valuation of the property either in 2001 if the individual was aged
65 or older in 2001 or, if subsequent to 2001, the year in which the
individual's sixty-fifth birthday occurred.
(2) For a residential property that underwent
in the prior year a change of ownership, as that term is defined in Section
7-36-21.2
NMSA 1978, use or zoning or is being valued for the first time, the valuation
shall be the current and correct value for the property.
(3) For residential property not described in
the preceding two subparagraphs, the valuation may not exceed the current and
correct value for the property tax year, 103 percent of the sum of the
valuation for the property for the preceding year plus the contributory value
of any physical changes not already recognized in the property record or 106.1
percent of the sum of the property's valuation for property taxation purposes
in the property tax year two years prior plus the contributory value of
physical changes made to the property not already recognized in the property
record. This includes residential property owned and occupied by individuals
sixty-five years of age or older in both the current and the prior property tax
years and who, having met the income requirements for the prior property tax
year, do not meet the income requirements for the current property tax
year.
C. To be eligible
for the limitation on valuation pursuant to Section
7-36-21.3
NMSA 1978, the claimant shall complete and submit to the county assessor
appropriate forms required by the department. Such forms may require attachment
of true copies of New Mexico income tax returns showing the claimant's modified
gross income. Failure to submit to the county assessor completed forms,
including any required attachments, shall result in denial of eligibility for
the valuation limitation pursuant to Section
7-36-21.3
NMSA 1978.
D. If, prior to the
setting of property tax rates for the property tax year, the department of
finance and administration or the department determines that the valuation
maintenance amount for residential property in a jurisdiction exceeds a limit
set by Section 7-36-23.2 NMSA 1978, the department shall order the valuations
on the affected residential properties to be reduced pro rata by an aggregate
amount just sufficient to eliminate the excess.
