NONRESIDENTIAL PROPERTY VALUATION, CA

This bill (SJR 5) proposes a constitutional amendment to allow New Mexico’s legislature to limit annual increases in the assessed value of **residential property** for property tax purposes. It would amend the state constitution to authorize rules restricting how much a home’s taxable value can rise each year, potentially based on factors like owner-occupancy, homeowner age, or income. These limits could apply statewide or be chosen by local governments, with tax rates applied to the property’s full value if the limit isn’t used. The amendment requires voter approval at the next general election. (Note: The bill title incorrectly states "nonresidential"; the text specifically addresses residential property.)