Voters will face four bond questions at the polls this year located on the back of the ballot. General obligation bonds are payable from property taxes levied on all property in the state that is subject to project taxation. The State Board of Finance estimates that over a ten-year period, the Bond B and Bond D on the ballot would increase annual property tax bills by an average of $10.54 per $100,000 of asset value. Of that Bond B accounts for 77 cents and Bond D accounts for $9.77.
Voters will also be asked about a regional transit gross receipts tax that could impact CNM students and employees.
Bond Question B
Bond B would fund academic, public and tribal libraries. Academic libraries would receive $3 million statewide if the bond is passed. CNM would receive $450,000 to support students and faculty by updating book and journal collections and subscribing to electronic databases.
Information about GO Bond B funding is presented at www.bondsforlibraries.org.
Bond Question D
Bond D, if passed, would fund higher education capital improvements. The total bond would be $140,133,000 for all state education projects.
CNM would receive $12 million, which would be added to previously secured funds, to pay for an estimated $24 million instructional facility to be built on the Westside Campus. If the bond passes, plans will move forward to build the Westside Phase III building that would be approximately 80,000 square feet and would be designed to meet Leadership in Energy and Environmental Design (LEED) silver certification. An estimated time of completion would be 2013.
Enrollment at the Westside Campus continues to grow year by year. Compared to the fall 2007 term, student enrollment is up 13.2 percent and student credit hours are up 19.2 percent this term. About 3,950 students are taking classes at the Westside Campus this term and those numbers are expected to continue to grow.
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The $139.9 million Bond D is paid for by a modest property tax assessment of about 29 cents per year per $1,000 of a property’s taxable value. For example, citizens will pay $9.77 per year on a property with an assessed value of $100,000. Those with properties assessed at $250,000 will pay only $24.43 per year.
Assessed Value (1) Net Taxable Value (2) Avg. Yearly Cost (3)
$100,000 $33,333 $ 9.77
$125,000 $41,667 $12.21
$150,000 $50,000 $14.66
$175,000 $58,333 $17.10
(1) County Assessor’s Appraised Value.
(2) One Third of County Assessor’s Appraised value.
(3) The average per year is the best measure of the estimated dollar cost associated with proposed Bond D issuance, since it covers the life of the proposed bond issuance.
Regional Transit Gross Receipts Tax
Voters will be asked to vote for or against a one-eighth of one-percent gross receipts tax that would be used by the Rio Metro Regional Transit District for planning, construction and maintenance of the Rail Runner and the transit district. The tax could provide transportation options for students and employees.
For more information on the bond questions and a breakdown of which entities are asking for the issuance of bonds visit the League of Women Voters website. The organization creates a non-partisan voters’ guide that details the election issues for voters.
