2006 New Mexico Statutes - Section 22-26-3 — Authorization for local school board to submit question of capital improvements tax imposition.

22-26-3. Authorization for local school board to submit question of capital improvements tax imposition.

Any local school board may adopt a resolution to submit to the qualified electors of the school district the question of whether a property tax at a rate not to exceed the rate specified in the resolution should be imposed upon the net taxable value of property allocated to the school district under the Property Tax Code [ 7-35-1 NMSA 1978] for the purpose of capital improvements in the school district. The resolution shall:   

A.     specify the rate of the proposed tax, which shall not exceed ten dollars ($10.00) on each one thousand dollars ($1,000) of net taxable value of property allocated to the school district under the Property Tax Code;   

B.     specify the date an election will be held to submit the question of imposition of the tax to the qualified electors of the district; and   

C.     limit the imposition of the proposed tax to no more than five property tax years.