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·Ch. 5 Municipalities and Counties·Art. 15 Tax Increment for Development

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.

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