us-nm/stat
NMSA 1978, § 7-38-33 — Department of finance and administration to set tax rates
A.
No later than September 1 of each year, the secretary of finance and
administration shall by written order set the property tax rates for the governmental units
sharing in the tax in accordance with the Property Tax Code and the budget of each as
approved by the department of finance and administration.
B.
A copy of the property tax rate-setting order shall be sent to each board of county
commissioners, each county assessor and the department within five days of the date
the order is made.
C.
Net taxable values from the immediately preceding tax year may be used by the
department of finance and administration for the purpose of estimating current tax year
revenue in connection with setting tax rates when final net taxable values for the current
tax year are incomplete or indefinite due to pending protests.
D.
When a rate is set for a governmental unit that is imposing a newly authorized
rate pursuant to Section 7-37-7 NMSA 1978 or a newly authorized or a reauthorized
rate after an election in which the imposition of the tax was approved by the voters of
the unit, the rate shall be at a level that will produce in the first year of imposition
revenue no greater than that which would have been produced if the valuation of
property subject to the imposition had been the valuation in the tax year in which the
increased rate pursuant to Section 7-37-7 NMSA 1978 was authorized by the taxing
district or the year in which the voters approved the imposition.
Source: official text