New Mexico HB309 amends the valuation method for property used in electric power or energy storage.
New Mexico HB309 modifies the special method of valuation for property used for the generation, transmission, distribution, or storage of electric power or energy. The bill specifies that the value of electric plants must be at least 20% of the tangible property cost. It also outlines how to value construction work in progress, materials and supplies, and general buildings and improvements. The changes apply to property tax years starting on or after January 1, 2027.
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