New Mexico already protects homeowners with a hard limit on how fast their property valuations can rise each year. That protection was put in place so long-time residents wouldn’t be taxed out of their homes when the market heats up.
Commercial properties get no such shield.
In Bernalillo County, non-residential valuations have recently jumped 47–54% in a single year, with some small owners seeing triple-digit increases. Those spikes hit hardest on the people least able to absorb them: local owner-occupied shops and single-location family businesses. The big institutional owners can spread the cost or pass it through. The corner bakery, hardware store, or independent café cannot.
The Simple Fix
Extend a reasonable valuation cap - modeled after the residential protection - to local owner-occupied and single-location commercial properties.
Homeowners already have this protection. Local Main Street deserves the same fair treatment.
Mark T. Raney, SRA
Commercial properties get no such shield.
In Bernalillo County, non-residential valuations have recently jumped 47–54% in a single year, with some small owners seeing triple-digit increases. Those spikes hit hardest on the people least able to absorb them: local owner-occupied shops and single-location family businesses. The big institutional owners can spread the cost or pass it through. The corner bakery, hardware store, or independent café cannot.
The Simple Fix
Extend a reasonable valuation cap - modeled after the residential protection - to local owner-occupied and single-location commercial properties.
- Applies only to New Mexico-owned, non-corporate, owner-operated or single-location businesses.
- Resets on sale or major ownership change.
- Leaves larger multi-tenant and out-of-state corporate holdings at full market valuation.
Homeowners already have this protection. Local Main Street deserves the same fair treatment.
Mark T. Raney, SRA
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