New Mexico legislation · 2026 Regular Session
New Mexico SB58: EXTEND PROPERTY TAX EXEMPTION PERIOD
Status: Signed into law, March 4, 2026
What the bill says
An act relating to taxation; extending the property tax exemption period for project property in metropolitan redevelopment areas.
From the enrolled text, March 5, 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 of a year that shall not exceed the fourteenth anniversary of that acquisition date, 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 SB Page been imposed under Subsection B of Section 7-37-7 NMSA 1978 had it not been exempt and had it been valued at the valuation for property taxation purposes …
Sponsors
- Heather Berghmans (D, SD-015) · primary sponsor
- Cristina Parajón (D, HD-025)
- Nicole Tobiassen (R, SD-021)
- Cindy Nava (D, SD-009)
Latest actions
- : Signed by Governor - Chapter 23 - Mar. 4
- : Passed in the House of Representatives - Y:66 N:0
- : HTRC: Reported by committee with Do Pass recommendation
- : HCEDC: Reported by committee with Do Pass recommendation
- : Sent to HCEDC - Referrals: HCEDC/HTRC
- : Passed in the Senate - Y:27 N:8
- : SFC: Reported by committee with Do Pass recommendation with amendment(s)
- : STBTC: Reported by committee with Do Pass recommendation
- : SCC: Reported by committee to fall within the purview of a 30 day session
- : Sent to SCC - Referrals: SCC/STBTC/SFC
Votes
- House Floor Vote (February 16, 2026): 66 yea, 0 nay, passed
- Senate Floor Vote (February 5, 2026): 27 yea, 8 nay, passed
Subjects: PROPERTY (conservancy districts, land grants, real estate), TAXATION, PROPERTY
Common questions
- What is SB58?
- SB58 is a bill in the New Mexico Legislature (2026 Regular Session): EXTEND PROPERTY TAX EXEMPTION PERIOD.
- What does SB58 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 SB58?
- Signed into law as of March 4, 2026. Latest action: Signed by Governor - Chapter 23 - Mar. 4 (March 4, 2026).
- Who sponsored SB58?
- Heather Berghmans (D, SD-015), with 3 co-sponsors.
- Where is the official record for SB58?
- On the New Mexico Legislature website: https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legType=B&legNo=58&year=26
Source: official New Mexico record. Tracked by Delilah, AI for legislation across all 50 states and Congress.