Realtor Association of New Mexico (RANM) just sent an email congratulating its members on a successful legislative session. It outlines the highlights of the session:
- The bill to prohibit transfer taxes (SB160-Grubesic) overwhelmingly passed the Senate, and now goes to the House Business and Industry Committee.
- The subprime lending bill (HB21-Lundstrom) which would have eliminated numerous types of loans was tabled in the House Business and Industry Committee.
- A bill requiring disclosure of real property taxes (HB388-Berry) was amended after considerable discussion and negotiation among all those involved in the sale of real property. The title companies eventually agreed to provide a disclosure form which will be promulgated by the State Department of Insurance.
- Senator Boitano has been working with RANM to develop a more equitable property taxation system. SB450-Boitano was developed in consultation with RANM’s Property Tax Task Force. The Senator also has two other bills offering varying options (SB448 and SB 449.) Although no final action is expected in this session, it is an important time to educate the legislators about the crisis in high property tax increases which are imposed after the purchase of a home. Senator Boitano’s taxation reform bills were all passed out of the Senate Corporations and Transportation Committee, with the Committee stating its intent in moving the bills is to promote further discussion on the issue.