Statutes > New Mexico Statutes > Chapter 3 - Municipalities. > Article 45 - Municipal Housing, 3-45-1 through 3-45-25. > Section 3-45-19 - Exemption of property from taxation.

Section 3-45-19 - Exemption of property from taxation.

3-45-19. Exemption of property from taxation.

The real property of a housing project, as defined in Section 3-45-3 NMSA 1978, 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.