2016 New Mexico Statutes
Chapter 22 - Public Schools
Article 26 - Public School Buildings
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.
A. A 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 [Chapter 7, Articles 35 through 38 NMSA 1978] for the purpose of capital improvements to public schools in the school district. The resolution shall:
(1) identify the capital improvements for which the revenue proposed to be produced will be used;
(2) 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;
(3) 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
(4) limit the imposition of the proposed tax to no more than six property tax years.
B. After July 1, 2007, a resolution submitted to the qualified electors pursuant to Subsection A of this section shall include capital improvements funding for a locally chartered or state-chartered charter school located within the school district if:
(1) the charter school timely provides the necessary information to the school district for inclusion on the resolution that identifies the capital improvements of the charter school for which the revenue proposed to be produced will be used; and
(2) the capital improvements are included in the five-year facilities plan:
(a) of the school district, if the charter school is a locally chartered charter school; or
(b) of the charter school, if the charter school is a state-chartered charter school.
History: Laws 1983, ch. 163, 3; 1986, ch. 32, 26; 2007, ch. 366, 20.
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