Category: Local Incentives, Business Expansion
AGENCY: New Mexico incorporated municipalities and counties
DESCRIPTION: The governing body of a county or a municipality may, by a majority vote of the elected members, 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.
• The exemption authorized by 3-64-3A NMSA of this section may be for up to 100% of the value for property taxation purposes of the property exempted.
• The exemption may not exceed more than 20 years.
• For definitions see 3-64-2 NMSA.