Objecting petition; plan to be disapproved.

No service plan shall be approved if a petition objects to the service plan and is signed by the owners of taxable real and personal property, consisting of more than fifty percent of the total assessed value of all taxable real and personal property to be included in the proposed infrastructure development zone, is filed with the governing body no later than ten days prior to the hearing pursuant to Section 4 [5-17-4 NMSA 1978] of the Infrastructure Development Zone Act, unless the property has been excluded by the governing body under Section 6 [5-17-6 NMSA 1978] of that act.