New Mexico Statutes 3-45-19. Exemption of property from taxation
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The real property of a housing project, as defined in Section 3-45-3 N.M. Stat. Ann., is declared to be public property used for essential public and governmental purposes and is property of a city of this state and is exempt from taxation until a deed conveying that property to a nonexempt entity is executed and delivered by the city.
Terms Used In New Mexico Statutes 3-45-19
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.