New Mexico § 5-15-13 Authority to impose property tax levy

New Mexico Statutes

§ 5-15-13 — Authority to impose property tax levy

New Mexico § 5-15-13

Ch. 5Municipalities and Counties

Art. 15Tax Increment for Development

This text of New Mexico § 5-15-13 (Authority to impose property tax levy) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 5-15-13 (2026).

Text

A district has the power to establish a property tax levy upon real property located within the tax increment development area, with the following limitations: A. the maximum property tax levy a district may impose is five dollars ($5.00) on each one thousand dollars ($1,000) of net taxable value, as that term is defined in the Property Tax Code [Chapter 7, Articles 35 to 38 NMSA 1978], which may be used for operation, maintenance and capital improvements, in furtherance of the purposes of the Tax Increment for Development Act; B. a district may impose a property tax levy only after authorization through a determination made by the owners of real property in the district and by a majority of votes cast by the qualified resident electors of a district in an election held in accordance with 

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A district has the power to establish a property tax levy upon real property located within the tax increment development area, with the following limitations: A. the maximum property tax levy a district may impose is five dollars ($5.00) on each one thousand dollars ($1,000) of net taxable value, as that term is defined in the Property Tax Code [Chapter 7, Articles 35 to 38 NMSA 1978], which may be used for operation, maintenance and capital improvements, in furtherance of the purposes of the Tax Increment for Development Act; B. a district may impose a property tax levy only after authorization through a determination made by the owners of real property in the district and by a majority of votes cast by the qualified resident electors of a district in an election held in accordance with the Local Election Act [Chapter 1, Article 22 NMSA 1978] and the Tax Increment for Development Act; and C. a property tax levy imposed by a district shall not be effective for more than four years.