New Mexico Statutes 7-36-3.2. Enterprise zone property; tax status of lessee’s interests
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Property interests of a lessee in project property held under a lease with respect to a project authorized by the Enterprise Zone Act N.M. Stat. Ann. § 5-9-1 to 5-9-15 and acquired or held by a local government are exempt from property taxation for a period not to exceed ten years from the date of execution of the first lease of the project by the local government.
Terms Used In New Mexico Statutes 7-36-3.2
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC