An exemption granted under Section 3-64-3 NMSA 1978 shall automatically terminate on the last day of the property tax year in which it expires pursuant to the exemption resolution or on the last day of the property tax year in which a new business facility ceases commercial operations, whichever occurs first.
§ 3-64-5 NMSA 1978
Expiration of exemption; action of assessor
Known as the Community Development Incentive Act
The act spans §§ 3–3 (5 sections).
Laws 1991, ch. 163, § 5; 2003, ch. 293, § 4; 2003, ch. 405, § 4.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.