New Mexico legislation · 2026 Regular Session
New Mexico SJR5: NONRESIDENTIAL PROPERTY VALUATION, CA
Status: Introduced, January 29, 2026
What the bill says
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.
From the introduced text, January 29, 2026:
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 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 .233386.1 wen = lairetam derocsrednu eteled = ]lairetam detekcarb[ 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 owneroccupancy, 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 …
Sponsors
- Michael Padilla (D, SD-014) · primary sponsor
Latest actions
- : Sent to SRC - Referrals: SRC/STBTC
- : Action Postponed Indefinitely
Subjects: PROPERTY (conservancy districts, land grants, real estate), CONSTITUTION OF NEW MEXICO, TAXATION, PROPERTY
Common questions
- What is SJR5?
- SJR5 is a bill in the New Mexico Legislature (2026 Regular Session): NONRESIDENTIAL PROPERTY VALUATION, CA.
- What does SJR5 do?
- In its own words: 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.
- What is the status of SJR5?
- Introduced as of January 29, 2026. Latest action: Sent to SRC - Referrals: SRC/STBTC (January 29, 2026).
- Who sponsored SJR5?
- Michael Padilla (D, SD-014).
- Where is the official record for SJR5?
- On the New Mexico Legislature website: https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legType=JR&legNo=5&year=26
Source: official New Mexico record. Tracked by Delilah, AI for legislation across all 50 states and Congress.