NM HB165

Amends the Improvement Special Assessment Act to clarify that lessees holding industrial revenue bond (IRB) leases are responsible for paying special assessments on those properties, not the local government that technically owns the property

Expands the definition of "eligible property" to explicitly include property interests held by lessees under industrial revenue bond leases for commercial, industrial, agricultural, or multifamily residential properties with five or more dwelling units

Adds new definitions for "industrial revenue bond lease" (lease of property by a county or municipality under the Industrial Revenue Bond Act or County Industrial Revenue Bond Act) and "lessee" (a lessee under an industrial revenue bond lease)

Specifies that under no circumstance shall a local government pay a special assessment, ensuring the financial obligation remains with property owners or IRB lessees

Amends Section 4-55D-2 NMSA 1978 (Laws 2023, Chapter 150) to incorporate these clarifications into existing Improvement Special Assessment Act definitions