Another Legislative Victory!
The New Mexico Association of REALTORS® can claim another legislative victory with the adoption of amendment to HB291 that removed the language dealing with a property tax increase.
HB291 deals with making changes to personal income taxes, but also included changes that would have allowed property tax increases of up to ten percent annually on homes not designated as primary residences. NMAR opposed the bill and sent a Call for Action to all REALTORS® who also were constituents of the members of the Senate Tax, Business and Transportation Committee. REALTORS® in that district responded and an amendment introduced by Senator Peter Wirth stripped the property tax increase provision was adopted. The committee gave HB291 a “Do Pass” and is now before the Senate Finance Committee.