NONRESIDENTIAL PROPERTY VALUATION, CA

SJR05

SENATE JOINT RESOLUTION 5

57
th legislature
- STATE OF NEW MEXICO -
second session
, 2026

INTRODUCED BY

Michael Padilla

A JOINT RESOLUTION

PROPOSING TO AMEND ARTICLE 8, SECTION 1 OF THE CONSTITUTION OF
NEW MEXICO TO AUTHORIZE THE LEGISLATURE TO LIMIT INCREASES IN
VALUATION OF NONRESIDENTIAL PROPERTY FOR PROPERTY TAXATION
PURPOSES.

BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

SECTION 1.
It is proposed to amend Article 8, Section 1
of the constitution of New Mexico to read:

"A. Except as provided in Subsection B of this
section, taxes levied upon tangible property shall be in
proportion to the value thereof, and taxes shall be equal and
uniform upon subjects of taxation of the same class. Different
methods may be provided by law to determine value of different
kinds of property, but the percentage of value against which
tax rates are assessed shall not exceed thirty-three and
one-third percent.

B. The legislature shall provide by law for the
valuation of [
residential
] property for property taxation
purposes in a manner that limits annual increases in valuation
of [
residential
] property. The limitation may be applied to
classes of residential property taxpayers based on owner-occupancy, age or income. The limitations may be authorized
statewide or at the option of a local jurisdiction and may
include conditions under which the limitation is applied. Any
valuation limitations authorized as a local jurisdiction option
shall provide for applying statewide or multi-jurisdictional
property tax rates to the value of the property as if the
valuation increase limitation did not apply."

SECTION 2.
The amendment proposed by this resolution
shall be submitted to the people for their approval or
rejection at the next general election or at any special
election prior to that date that may be called for that
purpose.

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