2009 New Mexico Statutes
Chapter 5 - Municipalities and Counties.
Article 15 - Tax Increment for Development
Section 5-15-13 - Authority to impose property tax levy.
5-15-13. Authority to impose property tax levy.
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 [7-35-1 NMSA 1978], which may be used for operation, maintenance and capital improvements, in furtherance of the purposes of the Tax Increment for Development Act [5-15-1 NMSA 1978];
B. a district may impose a property tax levy only after authorization by a majority of votes cast by the owners of real property and qualified resident electors of a district in an election held in accordance with 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.
Disclaimer: These codes may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
