Bill > SB186

This bill requires the state to make annual payments in lieu of taxes to any political subdivision of the state that would have imposed a tax on real property acquired by the state through purchase or eminent domain. The property tax division of the Taxation and Revenue Department will promulgate rules to specify how these payments are to be made and adjusted over time based on factors like changes in property values and tax rates. The bill also creates a Payments in Lieu of Taxes Fund within the state treasury to administer these payments, which will be funded through appropriations, gifts, grants, and other sources. The provisions of the bill will take effect on July 1, 2022.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=186&year=22