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Gotta Love the Timing

The economy is in a deep recession. People are in danger of losing their homes. The financial industry is being taken over by the government, and in New Mexico, we’re going to face ballot initiatives that will raise taxes on our homes:

Voters across the state will decide the fate of $223 million in proposed general obligation bonds to help pay for major projects at colleges and universities, health facilities, senior centers and to buy books for libraries.

Four bonds will be on the Nov. 4 ballot, and each will require majority support to pass.

Higher education institutions have the most at stake, with roughly $140 million on the line.

“This will allow important new projects to go forward, training our students for important fields such as health care, film and education,” Higher Education Secretary Reed Dasenbrock said. “In addition, this invests money in crucially needed infrastructure projects, which will save energy costs for our institutions. Virtually every institution in the state benefits from this GO bond, and local economies will strongly benefit from these new construction projects.”

The bonds would be paid through statewide property taxes. If all the measures pass, the owner of a $100,000 house would pay an extra $18.06 during the 2009 property tax year, according to an analysis by the state. The annual cost would decrease slightly each year thereafter.

In Albuquerque, where the median price of a home is $195,000, taxes would increase by about $35 in 2009 if all four bonds are approved.

Is this really a good time to take on more debt?