NM SB128

Public agencies must submit biennial land inventory reports to the Department of Finance and Administration starting July 1, 2027, detailing all real property in metropolitan areas (municipalities with population of at least 2,500)

Reports must include legal description, location, parcel size, acquisition date, current use status, and development plans for properties vacant or underutilized for five years or longer

Public agencies (excluding counties and municipalities) must sell real property that has been vacant or underutilized for five years or longer with no intent to develop

Buyers must initiate development, obtain permits, and commence construction within 12 months of title transfer or the property reverts to the public agency with reimbursement at original sale price

$100,000 appropriated from the general fund to the Department of Finance and Administration for FY 2027 to create a searchable online database of submitted reports