us-nm/stat
NMSA 1978, § 7-37-7 — Tax rates authorized; limitations
A.
The tax rates specified in Subsection B of this section are the maximum rates
that may be set by the department of finance and administration for the use of the
stated governmental units for the purposes stated in that subsection. The tax rates set
for residential property for county, school district or municipal general purposes or for
the purposes authorized in Paragraph (2) of Subsection C of this section shall be the
same as the tax rates set for nonresidential property for those governmental units for
those purposes unless different rates are required because of limitations imposed by
Section 7-37-7.1 NMSA 1978. The department of finance and administration may set a
rate at less than the maximum in any tax year. In addition to the rates authorized in
Subsection B of this section, the department of finance and administration shall also
determine and set the necessary rates authorized in Subsection C of this section. The
tax rates authorized in Paragraphs (1), (3) and (4) of Subsection C of this section shall
be set at the same rate for both residential and nonresidential property. Rates shall be
set after the governmental units' budget-making and approval process is completed and
shall be set in accordance with Section 7-38-33 NMSA 1978. Orders imposing the rates
set for all units of government shall be made by the boards of county commissioners
after rates are set and certified to the boards by the department of finance and
administration. The department of finance and administration shall also certify the rates
set for nonresidential property in governmental units to the department for use in
collecting taxes imposed under the Oil and Gas Ad Valorem Production Tax Act
[Chapter 7, Article 32 NMSA 1978], the Oil and Gas Production Equipment Ad Valorem
Tax Act [Chapter 7, Article 34 NMSA 1978] and the Copper Production Ad Valorem Tax
Act [Chapter 7, Article 39 NMSA 1978].
B.
The following tax rates for the indicated purposes are authorized:
(1) for the use of each county for general purposes for the 1987 and
subsequent property tax years, a rate of eleven dollars eighty-five cents ($11.85) for
each one thousand dollars ($1,000) of net taxable value of both residential and
nonresidential property allocated to the county;
(2) for the use of each school district for general operating purposes, a rate of
fifty cents ($.50) for each one thousand dollars ($1,000) of net taxable value of both
residential and nonresidential property allocated to the school district; and
(3) for the use of each municipality for general purposes for the 1987 and
subsequent property tax years, a rate of seven dollars sixty-five cents ($7.65) for each
one thousand dollars ($1,000) of net taxable value of both residential and nonresidential
property allocated to the municipality.
C.
In addition to the rates authorized in Subsection B of this section, there are also
authorized:
(1) those rates or impositions authorized under provisions of law outside of
the Property Tax Code that are for the use of the governmental units indicated in those
provisions and are for the stated purpose of paying principal and interest on a public
general obligation debt incurred under those provisions of law;
(2) those rates or impositions authorized under provisions of law outside of
the Property Tax Code that are for the use of the governmental units indicated in those
provisions, are for the stated purposes authorized by those provisions and have been
approved by the voters of the governmental unit in the manner required by law;
(3) those rates or impositions necessary for the use of a governmental unit to
pay a tort or workers' compensation judgment for which a county, municipality or school
district is liable, subject to the limitations in Subsection B of Section 41-4-25 NMSA
1978, but, except as provided in Paragraph (4) of this subsection, no rate or imposition
shall be authorized to pay any judgment other than one arising from a tort or workers'
compensation claim; and
(4) those rates or impositions ordered by a court pursuant to Section 22-24-
5.5 NMSA 1978 and for the use of a school district to pay a judgment pursuant to that
section.
D.
The rates and impositions authorized under Subsection C of this section shall be
on the net taxable value of both residential and nonresidential property allocated to the
unit of government specified in the provisions of the other laws or the judgments.
Source: official text