Section 7-38-38.3 - Optional prepayment of property taxes in monthly payments.

NM Stat § 7-38-38.3 (2019) (N/A)

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A board of county commissioners may by resolution provide property owners the option of making prepayments of property taxes in ten monthly payments beginning June 1 of the year in which the tax bill is prepared and ending March 1 of the following year. The first nine monthly payments shall each be in an amount equal to ten percent of the prior year's property tax bill and the final payment on March 1 shall be in an amount equal to the balance of the tax due, as indicated on the tax bill prepared and mailed pursuant to Sections 7-38-36 and 7-38-37 NMSA 1978; provided that an option otherwise allowed pursuant to this section may not be exercised if taxes are escrowed for the property owner and included in the property owner's monthly mortgage payment.

History: Laws 2008, ch. 33, § 2.

Effective dates. — Laws 2008, ch. 33 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective May 14, 2008, 90 days after the adjournment of the legislature.

Applicability. — Laws 2008, ch. 33, § 3 provided that the provisions of Laws 2008, ch. 33, §§ 1 and 2 apply to property tax years beginning on or after January 1, 2009.

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Section 7-38-38.2 - Prepayment of certain property tax installments; resolution by board of county commissioners.

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Section 7-38-39 - Protesting values; claim for refund.