The Most Egregious Proposal Ever?
Maybe not. Yet, New Mexico is contemplating a move to the forefront of welfare for landowners. Just what a poverty-ridden state flat on its back needs. But read on...
Yee Haw!
Something called SB333 is in a committee in the New Mexico Senate. The bill would, in a time of reduced economic activity, reduce the assessed value to market value ratio of undeveloped property (land to you and me).
Currently, land and improvements are valued at 33.3% of market value. The bill proposes to lower the ratio for vacant lots to 16.66%.
This is insane. Much of New Mexico is already owned by out of state landowners - such as Ted Turner at 600,000 acres who have nothing built. this bill will - by design - lower taxes for landowners and increase taxes for homeowners. The attached fiscal not to the bill makes this clear.
If implemented, taxes for vacant lot owners, those that do not "do" for the community, will be subsidized even more than before. New Mexico depends on a witches' brew of sales taxes, service taxes and other regressive methods of revenue collection that keep working and poor families pinned to the mat. All health, demographic and economic indicators put New Mexico near the bottom of the 50 states.
Suggested ideas for naming the bill:
The Vacant Lot Welfare Act of 2009
The Ted Turner Enrichment Act
The Parasite Protection Act
Any other ideas, readers?
