2006 New Mexico Statutes - Section 3-60-32 — Property exemption from taxes and from levy and sale by virtue of an execution.

3-60-32. Property exemption 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 Community Development Law [ 3-60-1 to 3-60-37 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 Community Development Law by a municipality on its rents, fees, grants, land or revenues from community development projects.   

B.     The property of a municipality, acquired or held for the purposes of the Community Development 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 transfers an interest in the property to a purchaser or lessee which is not a public body entitled to tax exemption with respect to the property.