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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 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

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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 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;

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. OPTIONAL PREPAYMENT OF PROPERTY TAXES IN

MONTHLY PAYMENTS.--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

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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."

Section 3. APPLICABILITY.--The provisions of this act

apply to property tax years beginning on or after

January 1, 2009.