ORDINANCE 2005-1

TOWN OF COCHITI LAKE

AN ORDINANCE FOR TOWN TAX

An Ordinance to establish the process for the assessment and collection of Town taxes on improvements to real property (“Leasehold Improvement Tax”) as provided for pursuant to Sections 1701 and 1702 of the Charter of the Town of Cochiti Lake:

WHEREAS, Section 1701 of the Charter of the Town of Cochiti Lake specifically grants to the Assembly of The Town of Cochiti Lake the power and the duty to provide by Ordinance a system for the assessment, levy, and collection of all Town taxes in order to meet its fiscal responsibilities of the Town;

WHEREAS, Section 1702 states that without the approval of the electorate, the tax may not exceed $1 for each $100 of assessed value of taxable property, (Leasehold Improvements”);

WHEREAS, it is neither feasible nor economical for the Town of Cochiti Lake to employ either personnel or outside contractors to appraise the improvements to real property; and

WHEREAS, the Assembly deems it necessary to modify the current system of taxation as regards to improvements to real property,

BE IT ORDAINED THAT the Leasehold Improvement Tax rate will be set each year via a Resolution of the Assembly of the Town of Cochiti Lake;

IT IS FURTHER ORDAINED, the taxable value of Leasehold Improvements shall be the full-assessed value rendered by the Sandoval County Tax Assessor;

IT IS FURTHER ORDAINED, not less than every fifth year, the Town Clerk shall be instructed to obtain updated assessment records from Sandoval County;

IT IS FURTHER ORDAINED, upon approval of the fiscal year budget, the Town Assembly shall set the tax rate to a rate sufficient to meet the revenue provided for in the fiscal year budget, not to exceed $1 for each $100 of assessed value of Leasehold Improvements;

IT IS FURTHER ORDAINED, houses constructed and occupied but not listed on Sandoval County tax records shall be assessed at a rate based on the average valuation of all improved leaseholds in the Town of Cochiti Lake;

IT IS FURTHER ORDAINED, that the Assembly of Cochiti Lake may through Resolution determine the most prudent method for collecting current and delinquent Leasehold Improvement Taxes;

IT IS FURTHER ORDAINED that the Assembly of Cochiti Lake may by Resolution, on an annual basis and through a vote of at least four of its members, grant such exemptions to Leasehold Improvement Taxes, as it deems prudent and advisable.

IT IS FURTHER ORDAINED that this Ordinance shall supercede any and all prior Ordinances pertaining to the taxation of improvements to real property. Any and all Ordinances setting taxes for unimproved Leaseholds shall not be affected; and

This ordinance will become effective upon adoption by the Assembly of the Town of Cochiti Lake.

DULY ADOPTED this  25TH  day of July, 2005 by the Assembly of the Town of Cochiti Lake at a meeting thereof; at which a quorum was present,  4 voting for and  0 voting against.

 

________________________                        _________________________
Freda Donica, Mayor                                       Frank Hart, Mayor Pro Tem

________________________                        _________________________
Robert G. Roth, Assembly Member                  Mary Ann Closson, Assembly Member

________________________                       
Sunny Thornton, Assembly Member                 Attest:

                                                                        _________________________

                                                                        Ronald Herrera, Town Clerk