NONRESIDENTIAL PROPERTY VALUATION, CA

Summary

The joint resolution would amend New Mexico’s constitution so the legislature could set laws that cap how much a property's assessed value can rise each year for tax calculations. It would apply limits to residential property, with possible distinctions based on owner‑occupancy, age or income, and could be adopted statewide or by local jurisdictions. The measure also caps the assessment rate at one‑third of a property's value.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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