45th legislature - STATE OF NEW MEXICO - second session, 2002

PROPOSING TO AMEND THE CONSTITUTION OF NEW MEXICO TO PROTECT, ENHANCE AND CONSERVE NEW MEXICO'S WATER RESOURCES BY PROVIDING FOR AN AD VALOREM LEVY UPON REAL AND PERSONAL PROPERTY AND LIMITING THE USE OF THE PROCEEDS FROM THE LEVY TO PROJECTS THAT WILL BENEFIT WATER RESOURCES.

BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. It is proposed to amend Article 8 of the constitution of New Mexico by adding a new section to read:

"A. There is hereby levied an ad valorem tax on all real and personal property in the state subject to property taxation. The rate of the tax shall be two dollars ($2.00) per one thousand dollars ($1,000) of assessed valuation of the property. Proceeds from the tax shall be placed into a special fund subject to appropriation by the legislature only for projects that will protect, enhance and conserve the state's water resources.

B. The legislature, by a three-fourths majority vote of all members elected to each house, may by law lower the rate established by Subsection A of this section and, at any time after the rate is lowered, may raise the rate to any amount not exceeding the rate established by Subsection A of this section.

C. The rate of the property tax levied pursuant to this section shall be excluded when determining the applicability of any property tax limits established in Article 8, Section 2 of this constitution.

D. The tax levied pursuant to this section shall be applicable to all tax years beginning on or after January 1, 2003."

Section 2. The amendment proposed by this resolution shall be submitted to the people for their approval or rejection at the next general election or at any special election prior to that date that may be called for that purpose.