New Mexico Statutes 22-26A-8. Authorization for local school board to submit question of lease purchase tax
A local school board may adopt a resolution to submit to the qualified electors of the school district the question of whether a property tax at a rate not to exceed the rate specified in the resolution should be imposed upon the net taxable value of property allocated to the school district under the Property Tax Code [Chapter 7, Articles 35 to 38 NMSA 1978] for the purpose of making payments under lease purchase arrangements. The resolution shall:
Terms Used In New Mexico Statutes 22-26A-8
- 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
A. specify the maximum rate of the proposed tax, which shall not exceed ten dollars ($10.00) on each one thousand dollars ($1,000) of net taxable value of property allocated to the school district under the Property Tax Code;
B. specify the date an election will be held to submit the question of imposition of the tax to the qualified electors of the district; and
C. limit the imposition of the proposed tax to no more than thirty property tax years.