Section 5-15-13 - Authority to impose property tax levy.
5-15-13. Authority to impose property tax levy.
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:
A. 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 [7-35-1 NMSA 1978], which may be used for operation, maintenance and capital improvements, in furtherance of the purposes of the Tax Increment for Development Act [5-15-1 NMSA 1978];
B. a district may impose a property tax levy only after authorization by a majority of votes cast by the owners of real property and qualified resident electors of a district in an election held in accordance with the Tax Increment for Development Act; and
C. a property tax levy imposed by a district shall not be effective for more than four years.