Statutes > New Mexico Statutes > Chapter 7 - Taxation. > Article 36 - Valuation of Property, 7-36-1 through 7-36-33. > Section 7-36-3.2 - Enterprise zone property; tax status of lessee's interests.

Section 7-36-3.2 - Enterprise zone property; tax status of lessee's interests.

7-36-3.2. Enterprise zone property; tax status of lessee's interests.

Property interests of a lessee in project property held under a lease with respect to a project authorized by the Enterprise Zone Act [5-9-1 NMSA 1978] 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.