New Mexico § 3-64-3 Exemption of certain commercial personal property from

New Mexico Statutes

§ 3-64-3 — Exemption of certain commercial personal property from

New Mexico·Ch. 3 Municipalities·Art. 64 Development Incentives

property tax by local bodies.

A.The governing body of a county or a municipality may by a majority vote of the members elected to the governing body adopt a resolution exempting commercial personal property of a new business facility located in the county or municipality from the imposition of any property tax on commercial personal property authorized to be imposed by the respective governing body, subject to the limitations of Subsection B of this section.

B.The exemption authorized by Subsection A of this section may be for up to one hundred percent of the value for property taxation purposes of the property exempted.

C.The exemption authorized by Subsection A of this section may be for any period of time not to exceed twenty years. The effective date of any exemption shall be Januar

Free access — add to your briefcase to read the full text and ask questions with AI

property tax by local bodies. A. The governing body of a county or a municipality may by a majority vote of the members elected to the governing body adopt a resolution exempting commercial personal property of a new business facility located in the county or municipality from the imposition of any property tax on commercial personal property authorized to be imposed by the respective governing body, subject to the limitations of Subsection B of this section. B. The exemption authorized by Subsection A of this section may be for up to one hundred percent of the value for property taxation purposes of the property exempted. C. The exemption authorized by Subsection A of this section may be for any period of time not to exceed twenty years. The effective date of any exemption shall be January 1 of the property tax year in which the new business facility commences commercial operations.

New Mexico § 3-64-3 (Exemption of certain commercial personal property from) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.