NM SJR5

Proposes amending Article 8, Section 1 of the New Mexico Constitution to expand the legislature's authority to limit annual property valuation increases from residential property only to all property, including nonresidential/commercial property

Removes the word "residential" from existing constitutional language, allowing valuation increase limitations to apply to any type of property for taxation purposes

Maintains existing provisions allowing limitations to be applied based on owner-occupancy, age, or income for residential property taxpayers

Permits valuation limitations to be authorized statewide or at local jurisdiction option, with conditions for when limitations apply

Requires voter approval at the next general election or a special election called for that purpose