The bill amends existing laws regarding property tax exemptions for project properties located in metropolitan redevelopment areas in New Mexico. It extends the property tax exemption period for project properties acquired by local governments, allowing lessees or owners of substantial beneficial interests in these properties to be exempt from property taxation for a period that begins on the date of acquisition and lasts until December of the year that does not exceed the fourteenth anniversary of that acquisition date. This change is reflected in the amendments to Section 3-60A-13.1 NMSA 1978 and Section 7-36-3.1 NMSA 1978, which clarify the conditions under which these exemptions apply.

Additionally, the bill specifies that property interests of lessees in project properties held under leases with municipalities prior to January 1 are exempt from property taxation as long as there is outstanding bonded indebtedness, but not exceeding fourteen years from the execution of the first lease. The provisions of this act will apply to leases of project property executed on or after the effective date of the act, ensuring that the extended exemption period is applicable to new agreements moving forward.

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