SENATE BILL 177

48th legislature - STATE OF NEW MEXICO - second session, 2008

INTRODUCED BY

Bernadette M. Sanchez

AN ACT

RELATING TO TAXATION; AUTHORIZING COUNTIES TO PERMIT PREPAYMENT OF PROPERTY TAXES IN MONTHLY PAYMENTS.

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

     Section 1. Section 7-38-37 NMSA 1978 (being Laws 1973, Chapter 258, Section 77, as amended) is amended to read:

     "7-38-37. CONTENTS OF PROPERTY TAX BILL.--Each property tax bill shall be in a form and contain the information required by regulations of the department and shall contain at least the following:

          A. all of the information required to be contained in the property tax schedule;

          B. the amount of property taxes due on each installment, the due dates of the installments and the dates on which taxes become delinquent;

          C. a brief statement of the option available to make prepayments of the property tax due pursuant to [Section] Sections 7-38-38.2 and 7-38-38.3 NMSA 1978;

          D. a brief statement of the procedure under Section 7-38-39 NMSA 1978 for protesting values for property taxation purposes, classification, allocation of values to governmental units or a denial of a claim for an exemption;

          E. a statement of the interest and penalties imposed by law for delinquency in the payment of property taxes and the remedies available against the taxpayer and the property for nonpayment of the amount due;

          F. a statement advising the property owner that the property tax bill is the only notice [he] the property owner will receive for payment of both installments of the tax if no separate notice will be sent with respect to the second installment; [and]

          G. the amount of any prepayment of the first installment made pursuant to Section 7-38-38.2 NMSA 1978; and

          H. the total amount of any monthly payments made pursuant to Section 7-38-38.3 NMSA 1978 and a statement of the amount of the final monthly payment necessary to pay the balance of the tax due."

     Section 2. A new section of the Property Tax Code, Section 7-38-38.3 NMSA 1978, is enacted to read:

     "7-38-38.3. [NEW MATERIAL] OPTIONAL PREPAYMENT OF PROPERTY TAXES IN MONTHLY PAYMENTS.--A board of county commissioners of a class A county may by resolution provide for the optional prepayment 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."

     Section 3. APPLICABILITY.--The provisions of this act apply to property tax years beginning on or after January 1, 2009.

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