Section 73-16-12 - Readjustment of maintenance fund assessments. - New Mexico Statutes

73-16-12. Readjustment of maintenance fund assessments.

A.     Whenever the owners or representatives of twenty-five (25%) per centum or more of the acreage or value of the lands in the district shall file a petition in the court in which the original petition was filed, stating that there has been a material change in the values of the property in the district since the last previous appraisal of benefits, and praying for a readjustment of the appraisal of benefits for the purpose of making a more equitable basis for the levy of the maintenance fund assessment, the court shall by order fix a time and place for a hearing thereon, and thereupon the clerk shall give notice by publication of the filing of and hearing upon said petition, in such manner as the court shall provide in the order for such hearing.   

B.     Upon the hearing of said petition, if said court shall find that there has been a material change in the value of property in said district since the last previous appraisal of benefits, the court shall order that there be a readjustment of the appraisal of benefits for the sole purpose of providing a basis upon which to levy the maintenance assessments of said district. Thereupon the court shall direct the appraisers to make such readjustment of appraisals in the manner provided in this act, and said appraisers shall make their report, and the same proceedings shall be had thereon, as nearly as may be, as are hereinbefore provided for the appraisal of benefits accruing for original construction; provided, that in making the readjustment of the appraisal of benefits said appraisal shall not be limited to the aggregate amount of the original or any previous appraisal of benefits, and that after the making of such readjustment the limitation of the annual maintenance assessment to one (1%) per centum of the total appraised benefits, shall, unless otherwise ordered by the court, apply to the amount of benefits as readjusted; and provided further, that there shall be no such readjustment of benefits oftener than once in ten (10) years.