Bill > SB58

This bill extends the property tax exemption period for certain properties within metropolitan redevelopment areas, which are designated zones intended for urban renewal and development. Specifically, it amends existing laws to increase the exemption period from seven years to fourteen years for lessees or owners of substantial beneficial interests in "project property" (property acquired for redevelopment) that is exempt from property taxes. This means that for properties acquired by a local government for redevelopment, the exemption from property taxes, and the requirement for the lessee or owner to make payments in lieu of taxes, will now last for fourteen years from the acquisition date, rather than seven. The bill also clarifies that this extension applies to leases of project property executed on or after the bill's effective date.

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https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=58&year=26