ALBUQUERQUE, N.M. (KRQE) – The governor’s approval of the final bills from this year’s legislative session has cleared the way for a revamped Albuquerque program aimed at accelerating development across the city. Vacant lots remain a common sight throughout Albuquerque, but city officials hope a new tax incentive will encourage developers to build on them.
The updated program extends the period during which developers can qualify for tax breaks before higher property taxes take effect. Terry Bruner, director of the city’s Metropolitan Redevelopment Agency, said the change is designed to spur activity on long‑idle properties.
“The benefit to taxpayers is this is going to activate a lot of lots where you are seeing very little tax activity or very low property tax rate,” Bruner said.
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Under the new strategy, property taxes on qualifying projects are frozen at their current rate for an extended period, giving developers more time to stabilize financially. “We freeze those taxes at the current rate they’re paying and ensure that in the early years of the project, they’re not seeing a giant tax increase,” Bruner said…