New Mexico § 73-1-21 - Tax roll based on needed improvements; limitation

§ 73-1-21. Tax roll based on needed improvements; limitation

After an estimate of the cost of the improvements needed in the district is made,

as provided in Section 73-1-20 NMSA 1978 , 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, 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 NMSA 1978 , 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.