New Mexico AG Issues Opinion on HELA Property Tax Exemption for Private Hospitals

The New Mexico Office of the Attorney General issued a general opinion regarding whether various private hospitals in the state could claim the property-tax exemptions for real property, such as land and buildings, financed through the Hospital Equipment Loan Act (HELA). HELA established the New Mexico Hospital Equipment Loan Council (Council) as a governmental instrumentality to facilitate financing for health-related equipment. While HELA designated the Council as a “state agency and instrumentality” for the purpose of obtaining a constitutional tax exemption, the Act also stated that the Council is “separate and apart from the state.” The AG determined that the ...