NM HB309

Adds energy storage facilities to the special property tax valuation method currently used for electric power generation, transmission, and distribution property in New Mexico

Defines "storage" as energy storage technology that converts, stores, and returns electricity to address supply-demand disparities, facilitate electricity dispatching, or increase economic returns on electricity sales

Electric plant property is valued at tangible property cost minus accumulated depreciation and obsolescence factors, with a minimum floor of 20% of tangible property cost

Construction work in progress is valued at 50% of amounts expended as of December 31 of the preceding year

Applies to property tax years beginning on or after January 1, 2027