New Mexico HB290: METRO REDEV PROJECT PROPERTY TAX EXEMPTION

What the bill says

An act relating to taxation; extending the property tax exemption period for project property in metropolitan redevelopment areas.

From the introduced text, February 3, 2026:

AN ACT RELATING TO TAXATION; EXTENDING THE PROPERTY TAX EXEMPTION PERIOD FOR PROJECT PROPERTY IN METROPOLITAN REDEVELOPMENT AREAS. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: SECTION 1. Section 3-60A-13.1 NMSA 1978 (being Laws 1985, Chapter 225, Section 2, as amended) is amended to read: "3-60A-13.1. PAYMENTS IN LIEU OF PROPERTY TAXES AND ASSESSMENTS.-- A. If interests in project property are exempt from property taxation and assessments under Subsection B of Section 3-60A-13 NMSA 1978 or Section 7-36-3.1 NMSA 1978, then during the period extending from the date of acquisition of the property by the local government through December 31 of the year in which the [seventh] twentieth anniversary of that .232839.1 wen = lairetam derocsrednu eteled = ]lairetam detekcarb[ acquisition date occurs, any lessee of the project property or owner of a substantial beneficial interest in the project property, in whose ownership the property would not be exempt from property taxation except for the exemption granted under Section 7-36-3.1 NMSA 1978, shall pay to the county treasurer annually, at the same time property tax payments are due under the Property Tax Code, an amount equal to the sum of: (1) general property taxes that would have been imposed under Subsection B of Section 7-37-7 NMSA 1978 had it not been exempt and had it been …

Read the full official text

Sponsors

• Cynthia Borrego (D, HD-017) · primary sponsor
• Meredith A. Dixon (D, HD-020)

Latest actions

1. February 3, 2026: Sent to HCEDC - Referrals: HCEDC/HTRC
2. : Action Postponed Indefinitely

Common questions

What is HB290?

HB290 is a bill in the New Mexico Legislature (2026 Regular Session): METRO REDEV PROJECT PROPERTY TAX EXEMPTION.

What does HB290 do?

In its own words: An act relating to taxation; extending the property tax exemption period for project property in metropolitan redevelopment areas.

What is the status of HB290?

Introduced as of February 3, 2026. Latest action: Sent to HCEDC - Referrals: HCEDC/HTRC (February 3, 2026).

Who sponsored HB290?

Cynthia Borrego (D, HD-017), with 1 co-sponsor.

Where is the official record for HB290?

On the New Mexico Legislature website: https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legType=B&legNo=290&year=26