This bill amends Section 7-36-4 of the New Mexico Statutes to exempt improvements made on land owned by the New Mexico Renewable Energy Authority from property tax, as long as the Authority retains title to the property. The bill defines "improvements" to include various structures and infrastructure related to renewable energy, while also clarifying that certain property interests and types of improvements are excluded from this exemption. Specifically, improvements owned or leased by nonexempt entities are subject to property taxation unless they meet specific criteria related to renewable energy facilities.

The bill also outlines the reporting requirements for fractional interests in property, particularly emphasizing that nonexempt entities must report their interests for valuation purposes. The provisions of this act will take effect for the 2026 property tax year and beyond, ensuring that the tax exemption for improvements on renewable energy properties is clearly established and applicable in future assessments.

Statutes affected:
introduced version: 7-36-4
Final Version: 7-36-4