NM HB290

Property tax exemption period for project property in metropolitan redevelopment areas extends from 7 years to 20 years after acquisition by local government

For properties acquired before January 1, 1986, the exemption period increases from 10 years to 20 years from the date of first lease execution

Lessees and beneficial interest owners must continue making payments in lieu of taxes during the exemption period, calculated based on pre-acquisition property valuations

County treasurers distribute collected payments in lieu of taxes the same way as regular property tax collections

New exemption periods apply only to project property leases executed on or after the act's effective date