NMSA 4-55D-5. Imposition of special assessment; amount; collection;

4-55D-5. Imposition of special assessment; amount; collection; special assessment lien created. A. Upon entering into a special assessment agreement, the county shall record a special assessment lien on the subject property in the real property records of the county in which the property is located. B. The recording of the lien pursuant to Subsection A of this section shall include: (1) the legal description of the property; (2) the county assessor's parcel number of the property; (3) the grantor's name, which shall be the same as the property owner on the special assessment agreement; (4) the grantee's name, which shall be the county in which the property is located; (5) the date on which the special assessment lien was created; (6) the principal amount of the special assessment lien; (7) the terms and length of the special assessment lien; and (8) a copy of the special assessment agreement. C. A special assessment lien shall be effective during the period in which the special assessment is imposed and shall have priority superior to all liens, claims and titles except a lien for general ad valorem property taxes or an improvement district lien that is coequal to property taxes. D. A special assessment lien runs with the land, and that portion of the special assessment lien that has not yet become due is not accelerated or eliminated by foreclosure of the special assessment lien or any lien for taxes or assessments imposed by the state, a local government or taxing district against the property on which the special assessment lien is imposed. E. A special assessment shall be paid by a property owner unless the property is under an industrial revenue bond lease, in which case the lessee shall pay the special assessment, but under no circumstance shall a local government pay a special assessment. F. Upon entering into a special assessment agreement, the county shall execute and record a special assessment assignable certificate from the county to the appropriate capital provider. The special assessment assignable certificate shall convey the special assessment lien including all of the characteristics described in Subsection B of this section. The holder of the special assessment assignable certificate shall be solely responsible for the billing and collection of the related special assessment and for the enforcement of the special assessment lien. G. When the underlying special assessment financing has been satisfied, the special assessment shall be removed from the property and the county shall record a release of the special assessment lien. History: Laws 2023, ch. 150, § 5; 2026, ch. 18, § 2.