In the state of New Mexico, property owners who install a solar energy system are eligible for a property tax exemption. This means that the additional value that the solar energy system adds to the property is exempt from property tax. The amount of the exemption is equal to the increase in the property’s value due to the solar energy system, as determined by the local assessor’s office.
To qualify for the exemption, the solar energy system must be installed on or after January 1, 2014, and the property owner must submit an application to the local assessor’s office. The exemption applies for a period of 10 years from the date of installation.
In conclusion, the property tax exemption for solar power in the state of New Mexico is a significant financial incentive for property owners to install solar energy systems. By exempting the increase in property value due to the solar energy system from property tax, the state is encouraging the adoption of solar energy and helping to make it a more accessible and affordable option for property owners.
