us-nm/stat
NMSA 1978, § 7-2-14.5 — Imposition of tax; limitations
A.
If, as a result of an election held on the question of imposing a property tax to
fund the property tax rebate for low-income taxpayers provided in the Income Tax Act, a
majority of the qualified electors voting on the question votes in favor of the imposition
of the tax, the tax rate shall be certified by the department of finance and administration
for any year in which the tax is imposed. The rate certified shall be the rate specified in
the authorizing resolution or any lower rate required by operation of the rate limitation
provisions of Section 7-37-7.1 NMSA 1978. The tax shall be imposed at the rate
certified unless the board of county commissioners determines that the tax imposition
be decreased or not made pursuant to Subsection B of this section. The revenue
produced by the tax shall be placed in a separate fund in the county treasury and is
pledged solely for the payment of the income tax revenue reduction resulting from the
implementation of the property tax rebate for low-income taxpayers.
B.
A tax imposed pursuant to Subsection A of this section shall be imposed for one,
two, three, four or five years commencing with the property tax year in which the tax
rate is first imposed. The board of county commissioners may direct that the rate of
imposition of the tax be decreased for any year if, in its judgment, imposition of the total
rate is not necessary for such year. The board of county commissioners shall direct that
the imposition not be made for any property tax year for which the property tax rebate
for low-income taxpayers is not provided or for any year in which the county has
imposed a property transfer tax pursuant to the Transfer Tax Act.
Source: official text