A. A property tax levy imposed by a district may be rescinded within the four-year period during which a property tax levy imposed by a district is effective if:
(1) thirty-three and one-third percent of the number of persons who voted in the election for the imposition of that property tax levy sign a petition to rescind the property tax levy; and
(2) each person who signs the petition is a qualified elector of the district or an owner of real property within the tax increment development area.
B. The petition shall be filed with the district board for verification of the signatures, as to both number and qualifications of the persons signing. If the district board verifies that the petition contains the requisite number of signatures by persons qualified to sign the petition pursuant to Subsection A of this section, the question of rescission of the property tax levy imposed by the district shall be placed on the ballot for:
(1) a special election held in accordance with the special election procedures of the Election Code [Chapter 1 NMSA 1978] that is called and held within ninety days; provided that the date does not conflict with the provisions of Section 1-24-1 NMSA 1978; or
(2) the next occurring regular local election or general election if that election is to be held within less than one hundred twenty days.
C. A petition for rescission of a property tax levy imposed by a district may be submitted only once each year during the four-year period during which a property tax levy by a district is effective.
History: Laws 2006, ch. 75, § 14; 2019, ch. 212, § 205.
The 2019 amendment, effective April 3, 2019, provided that the date for a special election on the question of rescission of a property tax levy must not conflict with the provisions of Section 1-24-1 NMSA 1978; in Subsection B, in Paragraph B(1), after "ninety days;", added "provided that the date does not conflict with the provisions of Section 1-24-1 NMSA 1978", and in Paragraph B(2), after "occurring", added "regular local election or", and after "within less than", deleted "ninety" and added "one hundred twenty".
Structure New Mexico Statutes
Chapter 5 - Municipalities and Counties
Article 15 - Tax Increment for Development
Section 5-15-2 - Findings and purpose.
Section 5-15-4 - Resolution for formation of a district.
Section 5-15-5 - Contents of tax increment development plan.
Section 5-15-6 - Notice of public hearing.
Section 5-15-7 - Public hearing.
Section 5-15-8 - Formation determination; election.
Section 5-15-8.1 - Posting of notices.
Section 5-15-9 - Formation of a district.
Section 5-15-10 - Governance of the district.
Section 5-15-11 - Records; open meetings.
Section 5-15-12 - District powers; limitations.
Section 5-15-13 - Authority to impose property tax levy.
Section 5-15-14 - Property tax levy rescission election.
Section 5-15-15 - Tax increment financing; gross receipts tax increment to secure bonds.
Section 5-15-15.1 - Filing fee for evaluating use of state gross receipts tax increment.
Section 5-15-16 - Bonding authority; gross receipts tax increment.
Section 5-15-17 - Property tax increment bonds.
Section 5-15-18 - Bonding authority; property tax increment.
Section 5-15-19 - Refunding bonds.
Section 5-15-20.1 - Debt service reserve account.
Section 5-15-22 - Exemption from taxation.
Section 5-15-23 - Protection from impairment.
Section 5-15-24 - Tax increment accounting procedures.
Section 5-15-25.1 - Base year revision; resolution; comment period; submission of materials.
Section 5-15-25.2 - Base year revision; approval.
Section 5-15-25.3 - Base year revision; effect.
Section 5-15-26 - Termination of tax increment development district.