2006 New Mexico Statutes - Section 3-46-37 — Property exempt from taxes and from levy and sale by virtue of an execution.

3-46-37. Property exempt from taxes and from levy and sale by virtue of an execution.

A.     All property of a municipality, including funds, owned or held by it for the purposes of the Urban Renewal Law [ 3-46-1 to 3-46-45 NMSA 1978] shall be exempt from levy and sale by virtue of an execution, and no execution or other judicial process shall issue against the same, nor shall judgment against a municipality be a charge or lien upon the property; provided, however, that the provisions of this section shall not apply to or limit the right of obligees to pursue any remedies for the enforcement of any pledge or lien given pursuant to the Urban Renewal Law by a municipality on its rents, fees, grants, lands or revenues from urban renewal projects or land development projects.   

B.     The property of a municipality, acquired or held for the purposes of the Urban Renewal Law, is declared to be public property used for essential public and governmental purposes and the property shall be exempt from all taxes of the municipality, the county, the state or any political subdivision thereof; provided, that the tax exemption shall terminate when the municipality sells, leases or otherwise disposes of the property to a purchaser or lessee which is not a public body entitled to tax exemption with respect to the property.   

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