30 Nov 1969
Page 1
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Newspaper
Roswell Daily Record
Location
Roswell, New Mexico, United States of America
Date
Nov 30, 1969
Page
1
The draft constitution introduces new voting requirements for debt funded by property taxes and tightens appropriations with explicit dollar amounts. It limits assessment ratios to 33 1/3 percent to strengthen debt and mill limits, argues for a single statewide ratio, and restricts tax use to stated purposes to avoid diversion.
The text argues that earmarked taxes threaten fiscal balance and undermine referendum. It supports keeping exemptions to protect equity as tax bases erode. It warns against removing tax exemptions for government church or charitable property and cautions about legislative power to alter tax status.
A discussion of how property tax exemptions should be defined and approved. It questions whether deductions count as exemptions, and if public utilities or personal property could escape taxes with simple majorities. It also weighs limits on legislative revenue power and the balance with public finance flexibility.
Powers may borrow up to two hundred thousand dollars and the state may incur debt to suppress insurrection or defend the public. No other debt unless law authorizes capital expenditures. State general obligation debt capped at 1 percent of taxable property value. Counties may not contract debt except for capital expenditures and total debt limited to four per property in the county. Municipal debt limits referenced on another page.
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