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Tax Exemption: El Castillo (New Mexico)

Although Revenue Ruling 72-124 (see reference to the right) grants tax exemption to CCRCs apart from considerations of financial distress of those served, state, county, and municipal codes do not have to follow the Federal tax precedent.  New Mexico law, for instance, stipulates that tax exempt charitable enterprises “confer a substantial benefit of real worth and importance to an indefinite class of persons who are members of the general public.”

In the decision to the right, the Court of Appeals of New Mexico finds that a CCRC, exempt from Federal taxation, is not exempt under the laws of New Mexico.

 

References

EL CASTILLO RETIREMENT RESIDENCES, Petitioner–Appellee, v. Domingo MARTINEZ, Assessor, Santa Fe County, Respondent–Appellant

U. S. Federal Internal Revenue Service Revenue Ruling 72-124

Constituion of New Mexico
     

 

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