METRO REDEV PROJECT PROPERTY TAX EXEMPTION

Summary

The measure amends New Mexico tax statutes so that when project property in a Metropolitan Redevelopment Area is exempt from property tax, the lessee or owner of a substantial beneficial interest must instead pay an amount equal to the taxes and assessments that would have been levied, based on the property’s valuation just before the local government acquired it. This payment obligation lasts from the acquisition date through December 31 of the year of the twentieth anniversary of that acquisition. It applies to properties acquired by municipalities on or after Jan 1 1986 and to leases executed after the act becomes effective.

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