NMSA 1978, § 7-36-3.1 — 7-36-3.1

Metropolitan redevelopment property; tax status of
lessee's interests.
Property interests of a lessee in project property held under a lease with respect to a
project authorized by the Metropolitan Redevelopment Code [Chapter 3, Article 60A
NMSA 1978] and acquired or held by a municipality prior to January 1, 1986 under the
provisions of that code are exempt from property taxation for as long as there is an
outstanding bonded indebtedness, but in any event for a period not to exceed fourteen
years from the date of execution of the first lease of the project by the municipality.
Property interests of a lessee of or an owner of a substantial beneficial interest in
project property acquired or held by a municipality on or after January 1, 1986 with
respect to a project authorized by the Metropolitan Redevelopment Code are exempt
from property taxation for a period extending from the date of acquisition of the project
property by the municipality through December 31 of a year that shall not exceed the
fourteenth anniversary of that acquisition date.