A. An election on the question of imposing a tax under Sections 22-26A-8 through 22-26A-12 N.M. Stat. Ann. shall be held as prescribed in the Local Election Act [N.M. Stat. Ann. Chapter 1, Article 22].

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Terms Used In New Mexico Statutes 22-26A-10

  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC

B. The resolution required to be published as notice of the election under Section 1- 22-11 NMSA 1978 [repealed] shall include as the question to be submitted to the voters whether a property tax at a rate not to exceed the rate specified in the authorizing resolution should be imposed for the specified number of property tax years not exceeding thirty years upon the net taxable value of all property allocated to the school district for payments due under lease purchase arrangements.

C. The ballot shall include the information specified in Subsection B of this section and shall present the voter the choice of voting “for the lease purchase tax” or “against the lease purchase tax”.

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