New Mexico Statutes 3-63-5. District; authority; creation
A. A district shall assess a business improvement benefit fee on any real property or business located within the district.
Terms Used In New Mexico Statutes 3-63-5
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
B. A district shall include any real property or business that benefits by the improvements set out in the business improvement district plan and that is located within the district’s geographic boundaries.
C. The district benefit fee assessment schedule shall not include: (1) governmentally owned real property;
(2) residential real property that is not multifamily residential rental property with at least four units or homeowners associations of multifamily ownership properties;
(3) real property owned by a nonprofit corporation; or
(4) residential real property, located within an existing district, that became eligible for a business improvement benefit fee assessment after the district was created, unless the ordinance that created the district is amended to include the new business or property after notice is provided and a hearing is held in accordance with Section 3-63-10 N.M. Stat. Ann..
D. A district may be created by petition of real property owners or by petition of business owners in a proposed district after notice and public hearing.