SANTA FE, N.M. (KRQE) – The New Mexico State Land Office is on track to bring in a record amount of revenue this year. The SLO reports that early revenue estimates for fiscal year 2021 indicate the agency set an all-time record of $1.25 billion.
In a press release from the SLO, the office states revenue in 2019 totaled $1.11 billion while 2020 saw $1.05 billion. That money, which is now at about $3.4 billion goes to support New Mexico public schools, hospitals, and universities.
The State Land office says this type of revenue stream prevents higher taxes. According to the agency, other highlights from the fiscal year 2021 revenue include the following:
- $8 million in commercial business lease rental payments
- $9 million agricultural grazing lease rental payments
- $12.7 million in right-of-way easement payments