Title
Introduction of Incorporated County of Los Alamos Ordinance No. 737; An Ordinance Making Available a Personal Income Tax Rebate to Eligible Low-Income Los Alamos County Property Taxpayers for Taxable Years 2025, 2026, 2027 and 2028
Recommended Action
I introduce, without prejudice, Incorporated County of Los Alamos Ordinance No. 737; An Ordinance Making Available a Personal Income Tax Rebate to Eligible Low-Income Los Alamos County Property Taxpayers for Taxable Years 2025, 2026, 2027 and 2028 and ask the staff to assure that it is published as provided in the County Charter.
County Manager's Recommendation
The County Manager recommends that Council introduce this Ordinance.
Body
Sec 7-2-14.3 of New Mexico Statutes provides that counties may introduce and hold a public hearing on whether to participate in the Low-Income Taxpayer's Property Tax Rebate Program. This program provides that low-income taxpayer's may apply for a rebate of up to $350 per year on their New Mexico Personal Income Tax for a portion of their property tax payment. The County elected to participate in this program beginning in 2001 pursuant to Ordinance No. 456, and has continued since then. The current authorizing ordinance, No. 702 expires after 2024. Ordinance No. 737 would continue the County’s participation in this program for another four years, 2025 through 2028. If Ordinance No. 737 is adopted by the Council, the County would then be responsible to reimburse the State Taxation and Revenue Department for the amount of property tax rebates allowed to County taxpayers.
Alternatives
The County could discontinue Low-Income Taxpayer's Property Tax Rebate Program, which would effectively raise the tax burden for those who currently qualify. The increase in County property tax revenue would be approximately $17,000-$22,000 for each tax year.
Fiscal and Staff Impact/Planned Item
There is minimal staff impact. The fiscal impact for the 2022 tax year, billed in FY2024, was...
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