This bill amends existing New Mexico law regarding property tax exemptions for project properties located in metropolitan redevelopment areas. Specifically, it extends the property tax exemption period for such properties from a maximum of seven years to a maximum of fourteen years. The bill modifies Section 3-60A-13.1 NMSA 1978 to state that any lessee or owner of a substantial beneficial interest in project property will be exempt from property taxation for the period extending from the date of acquisition by the local government through December 31 of the year in which the fourteenth anniversary of that acquisition occurs.

Additionally, the bill amends Section 7-36-3.1 NMSA 1978 to reflect the same fourteen-year exemption period for property interests of lessees in project properties acquired or held by municipalities. The changes ensure that properties acquired on or after January 1, 1986, will benefit from this extended exemption, thereby promoting redevelopment efforts in metropolitan areas. The provisions of this act will apply to leases of project property executed on or after the effective date of the act.

Statutes affected:
introduced version: 3-60A-13.1, 7-36-3.1