All Roll Calls
Yes: 93 • No: 8
New MexicoSB 582026 Regular SessionSenateWALLET
EXTEND PROPERTY TAX EXEMPTION PERIOD
Sponsored By: Heather Berghmans (Democratic)
Signed by Governor
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
Longer redevelopment tax breaks, but yearly payments
The law extends property-tax exemptions for qualifying New Mexico metropolitan redevelopment property acquired or held on or after January 1, 1986. The exemption starts when the municipality acquires the property. It ends December 31 of a year no later than the acquisition's 14th anniversary year. The change applies to project-property leases signed on or after the law's effective date. During the applicable period, lessees or owners with a substantial beneficial interest must make yearly payments when their exempt interest would otherwise be taxable. Payments replace the property taxes otherwise owed, using the property's value as it existed the year before acquisition. They also include legally authorized benefit assessments stated as rates based on property value. Payments go to the county treasurer when property taxes are due and are distributed like ordinary taxes and assessments.
Sponsors & Cosponsors
Sponsor
Heather Berghmans
Democratic • Senate
Cosponsors
Cindy Nava
Democratic • Senate
Cristina Parajón
Democratic • House
Nicole Tobiassen
Republican • Senate
Roll Call Votes
House vote • 2/16/2026
Final House Vote
Yes: 66 • No: 0
Senate vote • 2/5/2026
Final Senate Vote
Yes: 27 • No: 8
Actions Timeline
Signed by Governor - Chapter 23 - Mar. 4
3/4/2026SenatePassed in the House of Representatives - Y:66 N:0
2/16/2026HouseHTRC: Reported by committee with Do Pass recommendation
2/13/2026HouseHCEDC: Reported by committee with Do Pass recommendation
2/10/2026HouseSent to HCEDC - Referrals: HCEDC/HTRC
2/6/2026SenatePassed in the Senate - Y:27 N:8
2/5/2026SenateSFC: Reported by committee with Do Pass recommendation with amendment(s)
2/4/2026SenateSTBTC: Reported by committee with Do Pass recommendation
1/28/2026SenateSCC: Reported by committee to fall within the purview of a 30 day session
1/22/2026SenateSent to SCC - Referrals: SCC/STBTC/SFC
1/21/2026Senate
Bill Text
Final Version
3/5/2026
HTRC Committee Report 2/13/26
2/13/2026
HCEDC Committee Report 2/10/26
2/10/2026
SFC Committee Report 2/04/26
2/4/2026
STBTC Committee Report 1/28/26
1/28/2026
SCC Committee Report 1/22/26
1/22/2026
Introduced
1/21/2026