The measure would amend a 2001 law enacted with the goal of providing tax relief to residential property owners in gentrified neighborhoods like Santa Fe’s east side.
The legislation, with a little more than two weeks left in the Legislature’s annual regular session, now moves to the House Taxation and Revenue Committee.
The elimination of a property tax break for apartment owners would lead to higher rents and force some owners out of business, representatives…
Full House could be laying the foundation for a court challenge should Chairman Ray Willis not recuse himself and Full House lose its bid.
John Arthur Smith, D-Deming, called the fallout from the law the “unintended consequences of the do-good of the Legislature.”
While there have been many complaints and court challenges, lawmakers have struggled to find an alternative that would both be fair to all taxpayers and continue to protect longtime residents of gentrified neighborhoods.