A. The formation determination and election procedures set forth in this section shall be used for:

(1) formation of a new tax increment development district;

(2) selection of a district board member;

(3) adoption of a property tax levy by a tax increment development district;

(4) use of property tax increment financing by a tax increment development district; or

(5) issuing of property tax increment bonds to be repaid by funds raised by property tax increments.

B. A formation determination may be waived and a tax increment development district shall be formed upon the governing body's adoption of a resolution to form a tax increment development district if a petition is presented to a governing body in accordance with the Tax Increment for Development Act and if the petition contains the signatures of all owners of the real property within the proposed tax increment development area and states that the owners waive the right to a formation determination.

C. A formation or other determination shall not be a local election for purposes of the Local Election Act [Chapter 1, Article 22 NMSA 1978]. The governing body or district board may establish local procedures for noticing, conducting and canvassing determinations, which may include determinations by unanimous written approval of the owners in affidavits executed by the owners and confirmed in a review by the district board.

D. An election by the qualified electors pursuant to the Tax Increment for Development Act shall be a nonpartisan election called, conducted and canvassed pursuant to the provisions of the Election Code [Chapter 1 NMSA 1978].

E. In addition to the notice requirements in the Local Election Act, the notice of election shall state:

(1) if the election is a formation election, the boundaries of the proposed tax increment development district;

(2) if the election is a bond election, the purpose for which the bonds are to be issued and the amount of the issue;

(3) if the election is a property tax levy election, the maximum tax rate per one thousand dollars ($1,000) of assessed valuation to be imposed, the purposes for which the revenues raised will be used and the existing maximum tax rate, if any;

(4) that an approved tax increment development plan is on file with the clerk of the governing body;

(5) the purposes for which property taxes will be imposed and for which the revenues raised will be used, including a description of the public improvements to be financed with tax revenues, bond proceeds or other revenues of the tax increment development district; and

(6) that the imposition of property taxes will result in a lien for the payment on property within the district.

F. The district board, or, in the case of a formation election, the governing body, shall determine the date of the election, which shall comply with the provisions of the Local Election Act. The ballot material provided to each qualified electors shall include:

(1) for a formation election, an impartial description of the tax increment development plan and a brief description of arguments for and against the formation of the tax increment development district, if any;

(2) for an election concerning the imposition of property taxes, an impartial description of the taxes to be imposed, the method of apportionment, collection and enforcement and other details sufficient to enable each qualified elector to determine the amount of tax it will be obligated to pay; a brief description of arguments for and against the imposition of taxes that are the subject of the election, if any; and a statement that the imposition of property taxes is for the provision of certain, but not necessarily all, public improvements that may be needed or desirable within the tax increment development district, and that other taxes, levies or assessments by other governmental entities may be presented for approval by owners and qualified electors;

(3) for an election concerning the use of property tax increment financing, an impartial description of the estimated increment to be generated over the life of the project and the nature and extent of the public improvements to be constructed and maintained using such financing;

(4) for a formation election, the question to be voted upon as "district, yes" and "district, no";

(5) for a property tax imposition election, the question to be voted upon as "property tax, yes" and "property tax, no";

(6) for an election to change an existing maximum tax or eliminate an existing tax, the question to be voted upon as "tax change, yes" and "tax change, no" and shall specify the type of tax to which the proposed change pertains; and

(7) for an election concerning the use of property tax increment bonds, the ballot shall pose the question to be voted upon as "bonds, yes" and "bonds, no".

G. Failure of a majority to vote in favor of the matter submitted shall not prejudice the submission of the same or similar matters at a later election; provided that an election on the same question shall not be held within one year of the failure of a majority to vote in favor of that question.

H. If a person transfers real property located in a district and the name of the successor owner becomes known to the governing body or the district board, as applicable, and is verified by recorded deed or other similar evidence of transfer of ownership, the successor owner is deemed to be the owner of the real property for the purposes of the Tax Increment for Development Act.

I. If there are no persons registered to vote within a district or proposed district areas within seventy days immediately preceding a scheduled election date, an election required to be held pursuant to the Tax Increment for Development Act shall be canceled and the determination made by the owners of property within the district or proposed district areas shall prevail, unless an election is otherwise required by the constitution of New Mexico or the determination was waived by the governing body pursuant to Subsection B of this section. Each owner shall have the number of votes or portion of votes equal to the number of acres or portion of acres rounded upward to the nearest one-fifth of an acre owned in the district by that owner.

History: Laws 2006, ch. 75, § 8; 2019, ch. 212, § 201.

The 2019 amendment, effective April 3, 2019, provided that an election to form a tax increment development district shall be held pursuant to the Election Code, and provided additional notice requirements; added new Subsection C and redesignated former Subsections C through E as Subsection D through F, respectively; in Subsection D, after "election called,", deleted "by posting notices in three public places within the boundaries of the district not less than twenty days before the election. Notice shall also be published in a newspaper of general circulation once each week for two consecutive weeks before the election in the municipality or county in which the proposed district is located" and added "conducted and canvassed pursuant to the provisions of the Election Code"; in Subsection E, after the subsection designation, added "In addition to the notice requirements in the Local Election Act", deleted former Paragraphs E(1) and E(2) and redesignated former Paragraphs E(3) through E(8) as Paragraphs E(1) through E(6), respectively; in Subsection F, after "date of the election", deleted "and the polling places for the election and may consolidate county precincts. The district board or the governing body may establish provisions for voting by mail."; deleted former Subsections F and G; deleted subsection designation "H.", placing the language from former Subsection H in Subsection F, after "shall comply with the", deleted "general election laws of the state", added "provisions of the Local Election Act"; deleted Subsections I and J, added new subsection designation G and redesignated former Subsections K and L as Subsections H and I, respectively; in Subsection H, after "known", added "to the governing body of the district board, as applicable"; in Subsection I, after "shall be", deleted "held by vote of" and added "canceled and the determination made by", and after "proposed district", added "areas shall prevail, unless an election is otherwise required by the constitution of New Mexico or the determination was waived by the governing body pursuant to Subsection B of this section"; and deleted former Subsection M.