Small Business Tax Tips And Advice

There is a lot that’s riding on this election, and it has a lot to do with what you are voting for rather than who you are voting for.In this election, voters will be asked nearly a dozen questions that could affect their property taxes, libraries and schools.The latest: Action 7 News coverage on PoliticsBernalillo County Clerk Linda Stover said its the largest ballot she has seen. It is so big they had to reduce the size of the type.It’s 19 inches front and back, and it’s got a seven-point font, Stover said. There’s going to be an LED light up above the booth. So, you’ll be able to have a little bit of brightness to it. And we also have a magnifying glass.So why is this ballot so big that the print has to be so small?There are two city of Albuquerque charter amendments, said Starlyn Brown of the League of Women Voters. There are six bonds. There are two mill levies, four constitutional amendments for the state of New Mexico and four state bonds.The first thing voters will see after the vote for president, Congress and judges will be four state constitutional amendments.The first two are going to ask you if you want to give property tax breaks to veterans.The first question is if partially disabled veterans and their widows should get it. Currently, you have to have a 100% disability to receive a statewide property tax exemption, said Paul Gessing of the taxpayer watch group Rio Grande Foundation. In a case of maybe a veteran who’s 50% disabled or 25 or 75, they would (get the tax break) under this if it is passed by the voters.Follow us on social: Facebook | X/Twitter | Instagram | YouTubeThe second question would give all veterans a tax break.Amendment two increases the veterans’ property tax exemption to 44th out from $4,000 to $10,000 and indexes it to inflation, Gessing said. Many say it sounds like a good thing to do for our service men and women. But as Brown points out, it is going to come at a cost to all of us.Property taxes will go up, Brown said. If passed, the two amendments will benefit about 135,000 veterans, but a combined $40.5 million in state tax revenue will be lost.The impact of the reduction of the income from these property taxes is going to have to be made up somewhere else, Brown said.Additionally Bernalillo County alone will lose more than $17 million. Brown says some rural counties will have to make cuts in services because they legally can’t pass a tax increase.Property taxes fund our schools, they fund cities, they fund county services, Brown said. Question number three is going to ask you who should be in charge of nominating appellate judges. For the past 112 years the dean of the UNM law school has chaired this committee. This amendment would allow them to appoint someone in his or her place.Basically giving that individual back part of their day to perform their duties as dean of the law school, Brown saidOne of the most controversial questions you will be asked is constitutional amendment question four.This would be giving county commissioners the authority to decide how much they want to pay themselves, Brown said.Action 7 News On The Go: Download our app for freeThe amendment would also allow them to set salaries for other county elected officials. Currently, the legislature decides how much those officials are paid.