NM Voters To Decide Fate of Bond Proposals
Along with candidates and constitutional amendments, voters are choosing whether to pay higher taxes for capital improvement, or building projects throughout New Mexico.
Albuquerque and Santa Fe have bond issues of their own on the ballot, and voters across the state will decide the fate of three bonds worth more than $140-million dollars.
Even though everyone votes on general obligation bond measures, it's property owners who actually pay off the loans for capital improvement projects. The three issues on this year's ballot include 10.3-million for senior citizens facilities, $9.8 for libraries and $120-million for higher education construction.
State Board of Finance Director Stephanie Schardin Clarke points out that if approved, property owners would pay about $32 in taxes per year for a house worth $400,000. She says while property owners also pay taxes for other items like city, county and school bonds, the state bonds are minimal:
"All that property tax ends up being distributed to the different taxing authorities, but the amount the taxpayer is paying to finance the state's general obligation tax bonds is a relatively small amount."
Even so, for taxpayers already weary of high tax bills in counties such as Santa Fe where annual assessments can top $3,000, any addition to this burden may be unwelcome.