reglab/housing_qa huggingface dataset:
NM Stat § 7-35-10 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 35 - Property Tax|Section 7-35-10 - Division to furnish valuation services to state agencies and political subdivisions of the state.

The division shall provide, subject to the availability of resources within the division, assistance services to state agencies and political subdivisions in the valuation of property owned or being considered for purchase by the state or by political subdivisions. Agencies and political subdivisions that are not funded from the state general fund shall reimburse the division for the actual cost incurred in the valuation of the property. History: 1953 Comp., § 72-28-13, enacted by Laws 1975, ch. 172, § 1; 1982, ch. 28, § 2.
NM Stat § 7-36-1 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 36 - Valuation of Property|Section 7-36-1 - Provisions for valuation of property; applicability.

The provisions of this article apply to and govern the determination of value of all property subject to valuation for property taxation purposes under the Property Tax Code. History: 1953 Comp., § 72-29-1, enacted by Laws 1973, ch. 258, § 13. ANNOTATIONSCross references. — For constitutional provision as to equality of ad valorem taxation, see N.M. Const., art. VIII, § 1. For constitutional provision as to property tax limits and exceptions, see N.M. Const., art. VIII, § 2. For constitutional provision as to assessment of lands, see N.M. Const., art. VIII, § 6. Law reviews. — For comment, "Ad Valorem Taxes - Omitted Property and Improvements - Assessments," see 6 Nat. Resources J. 105 (1966). For comment, "Coal Taxation in the Western States: The Need for a Regional Tax Policy," see 16 Nat. Resources J. 415 (1976). For article, "New Mexico Taxes: Taking Another Look," see 32 N.M.L. Rev. 351 (2002).
NM Stat § 7-36-2.1 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 36 - Valuation of Property|Section 7-36-2.1 - Classification of property.

A. Property subject to valuation for property taxation purposes shall be classified as either residential property or nonresidential property. B. The department by regulation, ruling, order or other directive shall provide for the implementation of a classification system and shall include a method for apportioning the value of multiple-use properties between residential and nonresidential components. History: 1978 Comp., § 7-36-2.1, enacted by Laws 1981, ch. 37, § 63; 1995, ch. 12, § 7. ANNOTATIONSCross references. — For general methods of valuation of property, see 7-36-15 NMSA 1978. For limitations on tax rates on residential property, see 7-37-7.1 NMSA 1978. For presumption of nonresidential classification, see 7-38-17.1 NMSA 1978. The 1995 amendment, effective June 16, 1995, substituted "department" for "division" and made a minor stylistic change in Subsection B.
NM Stat § 7-36-3.1 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 36 - Valuation of Property|Section 7-36-3.1 - Metropolitan redevelopment property; tax status of lessee's interests.

Property interests of a lessee in project property held under a lease with respect to a project authorized by the Metropolitan Redevelopment Code [Chapter 3, Article 60A NMSA 1978] and acquired or held by a municipality prior to January 1, 1986 under the provisions of that code are exempt from property taxation for as long as there is an outstanding bonded indebtedness, but in any event for a period not to exceed ten years from the date of execution of the first lease of the project by the municipality. Property interests of a lessee of or an owner of a substantial beneficial interest in project property acquired or held by a municipality on or after January 1, 1986 with respect to a project authorized by the Metropolitan Redevelopment Code are exempt from property taxation for a period extending from the date of acquisition of the project property by the municipality through December 31 of the year in which the seventh anniversary of that acquisition date occurs. History: 1978 Comp., § 7-36-3.1, enacted by Laws 1979, ch. 56, § 2; 1985, ch. 225, § 5. ANNOTATIONSCross references. — For Community Development Incentive Act, see 3-64-1 NMSA 1978 et seq.
NM Stat § 7-36-3.2 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 36 - Valuation of Property|Section 7-36-3.2 - Enterprise zone property; tax status of lessee's interests.

Property interests of a lessee in project property held under a lease with respect to a project authorized by the Enterprise Zone Act [5-9-1 to 5-9-15 NMSA 1978] and acquired or held by a local government are exempt from property taxation for a period not to exceed ten years from the date of execution of the first lease of the project by the local government. History: 1978 Comp., § 7-36-3.2, enacted by Laws 1993, ch. 33, § 16. ANNOTATIONS
NM Stat § 7-36-5 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 36 - Valuation of Property|Section 7-36-5 - Repealed.

ANNOTATIONSRepeals. — Laws 1995, ch. 12, § 15, repealed 7-36-5 NMSA 1978, as enacted by Laws 1976, ch. 61, § 2, relating to fractional interests, legislative findings and purposes, effective June 16, 1995. For provisions of former section, see the 1994 NMSA 1978 on NMOneSource.com. For present comparable provisions, see 7-36-4 NMSA 1978.
NM Stat § 7-36-6 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 36 - Valuation of Property|Section 7-36-6 - Repealed.

ANNOTATIONSRepeals. — Laws 1995, ch. 12, § 15, repealed 7-36-6 NMSA 1978, as enacted by Laws 1976, ch. 61, § 3, relating to fractional interests, improvement, property tax status, effective June 16, 1995. For provisions of former section, see the 1994 NMSA 1978 on NMOneSource.com. For present comparable provisions, see 7-36-4 NMSA 1978.
NM Stat § 7-36-8 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 36 - Valuation of Property|Section 7-36-8 - Tangible personal property exempt from property tax; exceptions.

A. Except as provided in Subsection B of this section, tangible personal property owned by a person is exempt from property taxation. B. The following tangible personal property owned by a person is subject to valuation and taxation under the Property Tax Code: (1) livestock; (2) manufactured homes; (3) aircraft not registered under the Aircraft Registration Act [64-4-1 to 64-4-15 NMSA 1978]; (4) private railroad cars, the earnings of which are not taxed under the provisions of the Railroad Car Company Tax Act [Chapter 7, Article 11 NMSA 1978]; (5) tangible personal property subject to valuation under Sections 7-36-22 through 7-36-25 and 7-36-27 through 7-36-32 NMSA 1978; (6) vehicles not registered under the provisions of the Motor Vehicle Code [Chapter 66, Articles 1 through 8 NMSA 1978] and for which the owner has claimed a deduction for depreciation for federal income tax purposes during any federal income taxable year occurring in whole or in part during the twelve months immediately preceding the first day of the property tax year; and (7) other tangible personal property not specified in Paragraphs (1) through (6) of this subsection: (a) that is used, produced, manufactured, held for sale, leased or maintained by a person for purposes of the person's profession, business or occupation; and (b) for which the owner has claimed a deduction for depreciation for federal income tax purposes during any federal income taxable year occurring in whole or in part during the twelve months immediately preceding the first day of the property tax year. History: 1953 Comp., § 72-1-21, enacted by Laws 1973, ch. 373, § 1 and recompiled as § 72-29-3.1 by Laws 1974, ch. 92, § 35; 1975, ch. 53, § 1; 1983, ch. 295, § 1; 1991, ch. 166, § 4; 1992, ch. 34, § 1; 1993, ch. 8, § 1; 1995, ch. 12, § 10. ANNOTATIONSCross references. — For constitutional provision as to tax exempt property, see N.M. Const., art. VIII, § 3. For constitutional provision as to head of family and veteran exemptions, see N.M. Const., art. VIII, § 5. For constitution provision as to disabled veteran exemption, see N.M. Const., art. VIII, § 15. The 1995 amendment, effective June 16, 1995, substituted "Tangible" for "Certain" and added "exceptions" in the section heading and rewrote the section to such an extent that a detailed comparison would be impracticable. Am. Jur. 2d, A.L.R. and C.J.S. references. — Classification, as real estate or personal property, of mobile homes or trailers for purposes of state or local taxation, 7 A.L.R.4th 1016.
NM Stat § 7-36-9 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 36 - Valuation of Property|Section 7-36-9 - Repealed.

ANNOTATIONSRepeals. — Laws 1993, ch. 8, § 2 repealed 7-36-9 NMSA 1978, as enacted by Laws 1973, ch. 374, § 2, relating to inventories of personal property exempt from property taxation, exceptions, effective June 18, 1993. For provisions of former section, see the 1992 NMSA 1978 on NMOneSource.com.
NM Stat § 7-36-10 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 36 - Valuation of Property|Section 7-36-10 - Repealed.

ANNOTATIONSRepeals. — Laws 1993, ch. 8, § 2 repealed 7-36-10 NMSA 1978, as enacted by Laws 1973, ch. 11, § 1, relating to inventories of personal property exempt from property taxation, exceptions, effective June 18, 1993. For provisions of former section, see the 1992 NMSA 1978 on NMOneSource.com.
NM Stat § 7-36-12 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 36 - Valuation of Property|Section 7-36-12 - Repealed.

ANNOTATIONSRepeals. — Laws 1993, ch. 8, § 2 repealed 7-36-12 NMSA 1978, as enacted by Laws 1973, ch. 10, § 1, relating to exemption from property tax, aircraft registered under the Aircraft Registration Act, effective June 18, 1993. For provisions of former section, see the 1992 NMSA 1978 on NMOneSource.com.
NM Stat § 7-36-13 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 36 - Valuation of Property|Section 7-36-13 - Repealed.

ANNOTATIONSRepeals. — Laws 1993, ch. 8, § 2 repealed 7-36-13 NMSA 1978, as enacted by Laws 1973, ch. 9, § 1, relating to exemption from property tax, private railroad cars, the earnings of which are subject to taxation under provisions of Section § 7-11-3 NMSA 1978, effective June 18, 1993. For provisions of former section, see the 1992 NMSA 1978 on NMOneSource.com.
NM Stat § 7-36-17 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 36 - Valuation of Property|Section 7-36-17 - Repealed.

ANNOTATIONSRepeals. — Laws 1979, ch. 268, § 3, repealed 7-36-17 NMSA 1978, as enacted by Laws 1977, ch. 361, § 1, relating to limitation on increases in valuation of certain property for property taxation purposes.
NM Stat § 7-36-18 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 36 - Valuation of Property|Section 7-36-18 - Collection and publication of property valuation data.

To promote uniformity and measure overall compliance by each county with the Property Tax Code and department valuation regulations, orders, rulings, instructions, schedules and other directives, the department shall prepare and publish annually comprehensive sales-ratio studies comparing the values of property determined for property taxation purposes by each county assessor with the values of the same property as established by sales prices. History: 1953 Comp., § 72-29-7, enacted by Laws 1973, ch. 258, § 19.
NM Stat § 7-36-19 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 36 - Valuation of Property|Section 7-36-19 - Valuation of major industrial and commercial properties; specialists' services furnished to county assessor by department.

At the request of a county assessor, concurred in by the board of county commissioners, the director may provide a county assessor with technical assistance services in the valuation of major industrial or commercial properties subject to valuation by the assessor. The director shall take into account the ability of the county assessor to value the property with the resources at his disposal when deciding whether the requested services should be furnished. The county shall reimburse the department for the costs incurred in the valuation of the property. History: 1953 Comp., § 72-29-8, enacted by Laws 1973, ch. 258, § 20. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 71 Am. Jur. 2d State and Local Taxation §§ 254 to 284. 84 C.J.S. Taxation §§ 421 to 453.
NM Stat § 7-36-21.1 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 36 - Valuation of Property|Section 7-36-21.1 - Repealed.

ANNOTATIONSRepeals. — Laws 1985 (1st S.S.), ch. 12, § 2 repealed 7-36-21.1, as enacted by Laws 1981, ch. 37, § 64, relating to the special method of valuation for residential property, effective January 1, 1986. For present provisions on limitations on property tax rates on residential property, see 7-37-7.1 NMSA 1978.
NM Stat § 7-36-31 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 36 - Valuation of Property|Section 7-36-31 - Special method of valuation; operating railroad property.

A. All property owned or leased and used by an operating railroad in its operation if the operating railroad has operations in New Mexico is subject to valuation for property taxation purposes and shall be valued in accordance with the provisions of this section, except for land and land rights other than operating railroad rights-of-way, sidings and marshalling yards and general buildings and improvements determined not to be an active part of an operating railroad. B. The division shall value operating railroad property using the following methods of valuation and applying the unit rule of appraisal to the property: (1) capitalization of earnings; (2) market value of stock and debt; or (3) original cost less depreciation and obsolescence. C. The division may use one or more, or a combination of, the methods of valuation specified in Paragraphs (1), (2) and (3) of Subsection B of this section in valuing operating railroad property. D. Land, land rights other than operating railroad rights-of-way, sidings and marshalling yards, general buildings and improvements determined not to be an active part of an operating railroad shall be valued under the provisions of this article of the Property Tax Code applicable to the property. E. The division shall adopt regulations providing for the allocation of net taxable values of operating railroad property to New Mexico and to the governmental units within the state. F. The division shall adopt regulations pursuant to Section 7-38-88 NMSA 1978 [repealed] to implement the methods of valuation for operating railroad property specified in this section. History: Laws 1973, ch. 258, § 32; 1953 Comp., § 72-29-20; Laws 1985, ch. 109, § 7. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Laws 1991, ch. 166, § 14 repealed 7-38-88 NMSA 1978, referred to in Subsection F. For present comparable provisions, see 9-11-6.2 NMSA 1978. Cross references. — For tax levied in lieu of property taxes on railroad car companies, see 7-11-3 NMSA 1978. Am. Jur. 2d, A.L.R. and C.J.S. references. — 71 Am. Jur. 2d State and Local Taxation §§ 402 to 405. 84 C.J.S. Taxation § 221 et seq.
NM Stat § 7-36-32 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 36 - Valuation of Property|Section 7-36-32 - Special method of valuation; commercial aircraft.

A. All commercial aircraft used by commercial airline companies in the operation of their businesses and subject to valuation for property taxation purposes shall be valued in accordance with the provisions of this section. B. The department shall value commercial aircraft as follows: (1) all gasoline engine propeller driven aircraft shall be valued at ten percent of original cost regardless of age; and (2) all jet propelled aircraft shall have an assumed life of twelve years and shall be valued by deducting from eighty percent of the original cost of the aircraft depreciation computed on a monthly basis, but no aircraft valued under this paragraph shall have computed a value of less than twenty percent of its original cost. C. The department shall adopt regulations providing for the allocation of net taxable values of commercial aircraft to New Mexico and to the governmental units in the state, which regulations shall include allocation factors related to ground time in New Mexico compared to total ground time within the airline system and flight time over New Mexico compared to total flight time within the airline system, exclusive of flight time outside the continental limits of the United States. D. The department shall adopt regulations pursuant to Section 7-38-88 NMSA 1978 [repealed] to implement the method of valuation of commercial aircraft specified in this section. History: Laws 1973, ch. 258, § 33; 1953 Comp., § 72-29-21; Laws 1975, ch. 165, § 13. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Laws 1991, ch. 166, § 14 repealed 7-38-88 NMSA 1978, referred to in Subsection D. For present comparable provisions, see 9-11-6.2 NMSA 1978. Department determines property tax valuation of commercial aircraft by allocating a portion of the net book value of the aircraft to New Mexico based on the flight time over, and ground time in, New Mexico as a percentage of total flight and ground time of the aircraft for the preceding year. Fed. Express Corp. v. Abeyta, 2004-NMCA-011, 135 N.M. 37, 84 P.3d 85, cert. granted, 2004-NMCERT-001, 135 N.M. 160, 85 P.3d 802.
NM Stat § 7-37-1 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 37 - Imposition of Property Tax|Section 7-37-1 - Provisions for imposition of tax; applicability.

The provisions of Chapter 7, Article 37 NMSA 1978 apply to and govern the imposition of the property tax. Except for Sections 7-37-7 and 7-37-7.1 NMSA 1978, the provisions of that article do not apply to: A. impositions or levies of taxes on specific classes of property authorized by laws outside of the Property Tax Code; and B. special benefit assessments authorized by laws outside of the Property Tax Code. History: 1953 Comp., § 72-30-1, enacted by Laws 1973, ch. 258, § 34; 1986, ch. 32, § 7. ANNOTATIONSCross references. — For elderly homeowners' maximum property tax liability and income tax credit or refund for excess, see 7-2-18 NMSA 1978. For exclusive ad valorem taxes on interests in oil, natural gas or liquid hydrocarbon production units, see 7-32-5, 7-34-5 NMSA 1978. Law reviews. — For comment, "Coal Taxation in the Western States: The Need for a Regional Tax Policy," see 16 Nat. Resources J. 415 (1976). For article, "New Mexico Taxes: Taking Another Look," see 32 N.M.L. Rev. 351 (2002). Am. Jur. 2d, A.L.R. and C.J.S. references. — What are educational institutions or schools within state property tax exemption provisions, 34 A.L.R.4th 698.
NM Stat § 7-37-3 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 37 - Imposition of Property Tax|Section 7-37-3 - Tax ratio established.

The tax ratio is thirty-three and one-third percent. History: 1953 Comp., § 72-30-3, enacted by Laws 1973, ch. 258, § 36.
NM Stat § 7-37-4 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 37 - Imposition of Property Tax|Section 7-37-4 - Head-of-family exemption.

A. Up to two thousand dollars ($2,000) of the taxable value of residential property subject to the tax is exempt from the imposition of the tax if the property is owned by the head of a family who is a New Mexico resident or if the property is held in a grantor trust established under Sections 671 through 677 of the Internal Revenue Code, as those sections may be amended or renumbered, by a head of a family who is a New Mexico resident. The exemption allowed shall be in the following amounts for the specified property tax years: (1) for the property tax years 1989 and 1990, the exemption shall be eight hundred dollars ($800); (2) for the property tax years 1991 and 1992, the exemption shall be one thousand four hundred dollars ($1,400); and (3) for the 1993 and subsequent tax years, the exemption shall be two thousand dollars ($2,000). B. The exemption shall be deducted from taxable value of property to determine net taxable value of property. C. The head-of-family exemption shall be applied only if claimed and allowed in accordance with Section 7-38-17 NMSA 1978 and regulations of the department. D. As used in this section, "head of a family" means an individual New Mexico resident who is either: (1) a married person, but only one spouse in a household may qualify as a head of a family; (2) a widow or a widower; (3) a head of household furnishing more than one-half the cost of support of any related person; (4) a single person, but only one person in a household may qualify as a head of family; or (5) a member of a condominium association or like entity who pays property tax through the association. E. A head of a family is entitled to the exemption allowed by this section only once in any tax year and may claim the exemption in only one county in any tax year even though the claimant may own property subject to valuation for property taxation purposes in more than one county. History: 1953 Comp., § 72-30-4, enacted by Laws 1973, ch. 258, § 37; 1983, ch. 219, § 1; 1989, ch. 81, § 1; 1991, ch. 228, § 1; 1993, ch. 343, § 1. ANNOTATIONSCross references. — For constitutional provision as to head of family exemption, see N.M. Const., art. VIII, § 5. For Sections 671 to 677 of the Internal Revenue Code, see 26 U.S.C. §§ 671 to 677. The 1993 amendment, effective June 18, 1993, added Paragraph (5) of Subsection D. The 1991 amendment, effective June 14, 1991, added the language beginning "or if the property" at the end of the first sentence in Subsection A. The 1989 amendment, effective June 16, 1989, in Subsection A substituted "up to two thousand dollars ($2,000)" for "Two hundred dollars ($200)" in the first sentence of the introductory paragraph, added the second sentence of the introductory paragraph, and added Paragraphs (1) and (3); designated the former second sentence of Subsection A as Subsection B; redesignated former Subsection B as Subsection C, while substituting "department" for "division"; and redesignated former Subsections C and D as Subsections D and E.
NM Stat § 7-37-5.2 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 37 - Imposition of Property Tax|Section 7-37-5.2 - Deleted.

ANNOTATIONSCompiler's notes. — Section 7-37-5.2 NMSA 1978, as enacted by Laws 2007, ch. 167, § 1, which provided that the property of a veterans' organization was exempt from property tax, was deleted by the compiler. Laws 2007, ch. 167, § 3 provided that the act would become effective upon the certification by the secretary of state that the constitution of New Mexico was amended as proposed by a joint resolution of the first session of the forty-eighth legislature entitled, "A JOINT RESOLUTION PROPOSING AN AMENDMENT TO ARTICLE 8 OF THE CONSTITUTION OF NEW MEXICO TO PROVIDE A PROPERTY TAX EXEMPTION FOR PROPERTY OF A VETERANS' ORGANIZATION CHARTERED BY THE UNITED STATES CONGRESS AND USED BY A LOCAL, STATE OR FEDERAL GOVERNMENTAL ENTITY FOR EVENTS OR BY NONPROFIT COMMUNITY ORGANIZATIONS OR OTHER VETERANS' ORGANIZATIONS" (Laws 2007, H.J.R. No. 16). That joint resolution was not passed by the legislature. Therefore, Laws 2007, ch. 167, § 1 did not become effective.