Property Tax Exemption for Residential Solar Systems (New Mexico)

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Summary

Last modified on February 12, 2015.

Financial Incentive Program

Place New Mexico

Name Property Tax Exemption for Residential Solar Systems
Incentive Type Property Tax Incentive
Applicable Sector Residential
Eligible Technologies Solar Water Heat, Solar Space Heat, Photovoltaics
Active Incentive Yes

Implementing Sector State/Territory
Energy Category Renewable Energy Incentive Programs








Start Date 2010-01-01


















Program Administrator New Mexico Energy, Minerals and Natural Resources Department

Date added to DSIRE 2010-03-24
Last DSIRE Review 2014-08-01



References DSIREDatabase of State Incentives for Renewables and Efficiency[1]


Summary

Residential solar energy systems are exempted from property tax assessments in New Mexico in most circumstances. 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 according to state law. An assessment may exceed these restrictions, however, if physical improvements are made to the property. Under H.B. 233, enacted in 2010, residential solar systems will not be treated as physical improvements and therefore will not increase the value of the property for property tax purposes. Future assessments, however, can include the value of a solar energy system if the property is sold.


A solar energy system is defined 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.


Incentive Contact

Contact Name Vincent Barrera
Department New Mexico Energy, Minerals and Natural Resources Department
Division Energy Conservation and Management Division




Phone (505) 476-3323


Email Vincent.Barrera@state.nm.us
Website http://www.emnrd.state.nm.us/ecmd/
     
     

Authorities (Please contact the if there are any file problems.)

Authority 1: N.M. Stat. § 7-36-21.2
Date Effective 2010-01-01
Date Enacted 2010-03-03



















  • Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.[1]

References

  1. 1.0 1.1  "Database of State Incentives for Renewables and Efficiency"