Chapter 3, Article 64 NMSA 1978 may be cited as the “Community Development Incentive Act”. History: Laws 1991, ch. 163, § 1; 2003, ch. 293, § 1; 2003, ch. 405, § 1. ANNOTATIONS Cross references. — For exemption of municipal property, owned for purposes of the Community Development Law, from taxes and from levy and […]
A. As used in the Community Development Incentive Act: (1) “commencement of commercial operations” occurs when the new business facility is first available for use by the taxpayer or first capable of being used by the taxpayer in the revenue-producing enterprise in which the taxpayer intends to use the new business facility; (2) “facility” means […]
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 […]
A. After a resolution of exemption of personal property is adopted by a governing body, copies of it shall be certified by the clerk of the entity; one copy shall be delivered immediately to the county assessors; and one copy shall be sent to the taxation and revenue department. B. Upon receipt of a certified […]
An exemption granted under Section 3-64-3 NMSA 1978 shall automatically terminate on the last day of the property tax year in which it expires pursuant to the exemption resolution or on the last day of the property tax year in which a new business facility ceases commercial operations, whichever occurs first. History: Laws 1991, ch. […]
