{"data":{"id":"us-nm/5-15-13","jurisdiction":"us-nm","citation":"5-15-13","heading":"Authority to impose property tax levy.","body":"A district has the power to establish a property tax levy upon real property located within the tax increment development area, with the following limitations:\nA. the maximum property tax levy a district may impose is five dollars ($5.00) on each one thousand dollars ($1,000) of net taxable value, as that term is defined in the Property Tax Code [Chapter 7, Articles 35 to 38 NMSA 1978], which may be used for operation, maintenance and capital improvements, in furtherance of the purposes of the Tax Increment for Development Act;\nB. a district may impose a property tax levy only after authorization through a determination made by the owners of real property in the district and by a majority of votes cast by the qualified resident electors of a district in an election held in accordance with the Local Election Act [Chapter 1, Article 22 NMSA 1978] and the Tax Increment for Development Act; and\nC. a property tax levy imposed by a district shall not be effective for more than four years.","path":["Chapter 5 - Municipalities and Counties","ARTICLE 15 Tax Increment for Development"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18447/index.do","current_through":"2025-07-01","vintage":"","retrieved_at":"2026-09-03T15:02:19Z","sha256":"4ee126ba679f216a7e7004e530870006333582d51d96e5da9053f89aa40b9869","source_id":"us-nm","stale":false,"prev":"us-nm/5-15-12","next":"us-nm/5-15-14"},"notice":"GroundRules: Original legal text. Not legal advice."}