Property Tax Increases For Bond Issues

New Mexico – Property taxes will increase an average of more than $11 a year if voters approve state general obligation bond issues in the general election.

The tax estimate by the Board of Finance and Department of Finance and Administration is based on property valued at $100,000 and 10-year bonds.

Taxes will increase nearly $10 a year if voters approve $155 million for projects at colleges, universities and special schools.

An $8 million bond issue for senior citizen centers will increase taxes 50 cents a year.

A $7 million bond issue for libraries will raise property taxes 45 cents a year if approved.

Property taxes will go up 33 cents a year if a $5 million bond issue is approved for school projects.

Copyright 2010 The Associated Press.