NM SB58

Extends the property tax exemption period for project property in metropolitan redevelopment areas from the current limit to 14 years from the date of acquisition by local government

Applies to lessees and owners of substantial beneficial interests in project property that would otherwise be subject to property taxation

Requires payments in lieu of property taxes to county treasurers during the exemption period, calculated based on the property's valuation in the year before acquisition

County treasurers must distribute collected payments in lieu of taxes in the same manner as regular property tax distributions

Applies only to leases of project property executed on or after the effective date of the act