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AN ACT

RELATING TO TAXATION; CLARIFYING THE PROPERTY OF CERTAIN

CHARITABLE NURSING, RETIREMENT OR LONG-TERM CARE ORGANIZATIONS

THAT IS NOT SUBJECT TO VALUATION FOR PROPERTY TAXATION

PURPOSES; DECLARING AN EMERGENCY.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. Section 7-36-7 NMSA 1978 (being Laws 1973,

Chapter 258, Section 15, as amended) is amended to read:

"7-36-7. PROPERTY SUBJECT TO VALUATION FOR PROPERTY

TAXATION PURPOSES.--

A. Except for the property listed in Subsection B

of this section or exempt pursuant to Section 7-36-8 NMSA

1978, all property is subject to valuation for property

taxation purposes under the Property Tax Code if it has a

taxable situs in the state.

B. The following property is not subject to

valuation for property taxation purposes under the Property

Tax Code:

(1) property exempt from property taxation

under the federal or state constitution, federal law, the

Property Tax Code or other laws, but:

(a) this does not include property all

or a part of the value of which is exempt because of the

application of the veteran, disabled veteran or head-of-family

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exemption;

(b) this provision does not excuse an

owner from obligations to report the owner's property as

required by regulation of the department adopted under Section

7-38-8.1 NMSA 1978 or to claim its exempt status under

Subsection C of Section 7-38-17 NMSA 1978;

(c) this includes property of a museum

that: 1) has been granted exemption from the federal income

tax by the United States commissioner of internal revenue as

an organization described in Section 501(c)(3) of the Internal

Revenue Code of 1986, as amended or renumbered; 2) is used to

provide educational services; and 3) grants free admission to

each student who attends a public school in the county in

which the museum is located; and

(d) this includes property that is

operated either as a community to which the Continuing Care

Act applies or as a facility licensed by the department of

health to operate as a nursing facility, a skilled nursing

facility, an adult residential care facility, an intermediate

care facility or an intermediate care facility for the

developmentally disabled; and is owned by a charitable

nursing, retirement or long-term care organization that: 1)

has been granted exemption from the federal income tax by the

United States commissioner of internal revenue as an

organization described in Section 501(c)(3) of the Internal

Revenue Code of 1986, as amended or renumbered; 2) donates or

renders gratuitously a portion of its services or facilities;

and 3) uses all funds remaining after payment of its usual and

necessary expenses of operation, including the payment of

liens and encumbrances upon its property, to further its

charitable purpose, including the maintenance, improvement or

expansion of its facilities;

(2) oil and gas property subject to

valuation and taxation under the Oil and Gas Ad Valorem

Production Tax Act and the Oil and Gas Production Equipment Ad

Valorem Tax Act; and

(3) productive copper mineral property

subject to valuation and taxation under the Copper Production

Ad Valorem Tax Act; for the purposes of this section, "copper

mineral property" means all mineral property and property held

in connection with mineral property when seventy-five percent

or more, by either weight or value, of the salable mineral

extracted from or processed by the mineral property is

copper."

Section 2. APPLICABILITY.--The provisions of this act

apply to taxable years beginning on or after January 1, 2008.

Section 3. EMERGENCY.--It is necessary for the public

peace, health and safety that this act take effect

immediately.

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