New Mexico Statutes 5-15-14. Property tax levy rescission election
A. A property tax levy imposed by a district may be rescinded within the four-year period during which a property tax levy imposed by a district is effective if:
Terms Used In New Mexico Statutes 5-15-14
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
(1) thirty-three and one-third percent of the number of persons who voted in the election for the imposition of that property tax levy sign a petition to rescind the property tax levy; and
(2) each person who signs the petition is a qualified elector of the district or an owner of real property within the tax increment development area.
B. The petition shall be filed with the district board for verification of the signatures, as to both number and qualifications of the persons signing. If the district board verifies that the petition contains the requisite number of signatures by persons qualified to sign the petition pursuant to Subsection A of this section, the question of rescission of the property tax levy imposed by the district shall be placed on the ballot for:
(1) a special election held in accordance with the special election procedures of the Election Code [N.M. Stat. Ann. Chapter 1] that is called and held within ninety days; provided that the date does not conflict with the provisions of Section 1-24-1 N.M. Stat. Ann.; or
(2) the next occurring regular local election or general election if that election is to be held within less than one hundred twenty days.
C. A petition for rescission of a property tax levy imposed by a district may be submitted only once each year during the four-year period during which a property tax levy by a district is effective.