New Mexico Incentives/Policies for Renewables & Efficiency |
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Last DSIRE Review: 02/18/2013
Program Overview:
| State: |
New Mexico |
| Incentive Type: |
Property Tax Incentive |
| Eligible Renewable/Other Technologies: |
Solar Water Heat, Solar Space Heat, Photovoltaics |
| Applicable Sectors: |
Residential |
| Start Date: | 1/1/2010 |
Authority 1:
Date Enacted:
Date Effective:
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N.M. Stat. ยง 7-36-21.2
3/3/2010
1/1/2010
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Summary:
HB 233 of 2010 exempted residential solar energy systems from property tax assessments. According to state law, for the purposes of determining property taxes, the value of a property cannot increase by the greater of 3% of the previous year's assessment, or 6.1% of the assessment from two years ago. An assessment may exceed these restrictions, however, if physical improvements are made to the property. HB 233 states that solar systems will not be treated as physical improvements, and therefore, will not increase the value of the property for property tax purposes. But future assessments will include the value of the solar energy system if the property is sold.
HB 233 defines a solar energy system as a system that provides space heat, water heat or electricity to the property. The term specifically does not include windows, dark-colored water tanks, or non-vented trombe walls. |
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Disclaimer: The information presented on the DSIRE web site provides an unofficial overview of financial incentives and other policies. It does not constitute professional tax advice or other professional financial guidance, and it should not be used as the only source of information when making purchasing decisions, investment decisions or tax decisions, or when executing other binding agreements. Please refer to the individual contact provided below each summary to verify that a specific financial incentive or other policy applies to your project.
While the DSIRE staff strives to provide the best information possible, the DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. make no representations or warranties, either express or implied, concerning the accuracy, completeness, reliability or suitability of the information. The DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. disclaim all liability of any kind arising out of your use or misuse of the information contained or referenced on DSIRE Web pages.
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