After an estimate of the cost of the improvements needed in the district is made, as provided in Section 73-1-20 N.M. Stat. Ann., the directors shall make up a tax roll, which shall include all property as shown by the decree of the court, as herein provided, and shall thereupon determine the value of the same, using the valuations as shown by the most recent tax schedules for property taxation purposes of the county or counties wherein the property is situated. The directors shall determine the tax levy to be made against the net taxable value, as that term is defined in the Property Tax Code [Chapter 7, Articles 35 to 38 NMSA 1978], of all property on the tax roll to produce the necessary revenue to make the improvements needed in the district. The tax shall not exceed, in any year, five dollars ($5.00), or any lower maximum amount required by operation of the rate limitation provisions of Section 7-37-7.1 N.M. Stat. Ann., on each one thousand dollars ($1,000) of net taxable value and shall be uniformly levied against all the property on such conservancy district tax roll, as hereinafter provided. The levy may be made annually, so long as necessary to finance the improvements from time to time determined by the directors to be needed in the district.