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 from the previous seven years to twenty years from the date of acquisition of the property by local governments. The bill modifies Section 3-60A-13.1 NMSA 1978 to reflect this change, stating that any lessee or owner of a substantial beneficial interest in the project property must pay an annual amount to the county treasurer, equivalent to the general property taxes and assessments that would have been imposed had the property not been exempt.

Additionally, the bill amends Section 7-36-3.1 NMSA 1978 to align with the new twenty-year exemption period for lessees' interests in project properties acquired by municipalities. The provisions of this act will apply to leases executed on or after the effective date of the act, ensuring that the extended exemption period is applicable to future projects under the Metropolitan Redevelopment Code.

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