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The Santa Fe Board of County Commissioners invites County residents to a public hearing on April 14 at 6:00 PM in the Commission Chambers to address the question of whether the property tax rebate benefitting low income property taxpayers should be made available in Santa Fe County through adoption of a County ordinance. The low income property tax rebate permits persons whose modified gross income is less than that specified in NMSA 1978, Section 7-2-14.3 to claim the property tax rebate on the taxpayer's income tax return. Following the public hearing, the Board must take action on the question and, if a majority of members of the Board of County Commissioners votes to adopt an ordinance, it must be adopted no later than thirty days following the public hearing.

LOW-INCOME TAXPAYER'S PROPERTY TAX REBATE TABLE
Taxpayer's Modified Gross Income Property Tax Rebate

If a taxpayer's modified gross income is zero, the taxpayer may claim a tax rebate in the amount shown in the first row of the table. The tax rebate cannot exceed three hundred fifty dollars per return and, if a return is filed separately that could have been filed jointly, the tax rebate cannot exceed one hundred seventy-five dollars. Persons whose modified gross income exceeds twenty-four thousand dollars are not eligible for the rebate. The tax rebate may be deducted from the taxpayer's New Mexico income tax liability or, if the tax rebate exceeds the taxpayer's income tax liability, the excess will be refunded to the taxpayer.

Prior to December 31 of each year when the ordinance is in effect, the New Mexico Taxation and Revenue Department must certify to the County the amount of the loss of income tax revenue to the State on account of the property tax rebates to taxpayers. The County is required to promptly pay the amount certified. If a county fails to pay the amount certified within thirty days of the date of certification, the Department may enforce collection of the amount by action against the County and may withhold revenue distributions.

The Board will not be raising taxes to fund the rebate. A resolution, provided for in NMSA 1978, Section 7-2-14.4(A) (2000), whereby the question of whether a property tax at a rate not to exceed one dollar ($1.00) per thousand dollars ($1,000) of taxable value of property should be imposed to provide the necessary funding for the property tax rebate for low income taxpayers, will not be considered.