2023 New Mexico Statutes › Chapter 7 - Taxation › Article 36 - Valuation of Property › Section 7-36-14 - Taxable situs; allocation of value of property.

A. Property has a taxable situs in the state if:
(1) it is real property and is located in the state;
(2) it is an interest in real property and the real property is located in the state;
(3) it is personal property and is physically present in the state on the date when it is required to be valued for property taxation purposes except for:
(a) property being transported in interstate commerce that is physically present in the state only while being transported through or over the state;
(b) property that is consigned to a warehouse or factory in the state from outside the state for the purpose of storage, manufacturing, processing or fabricating and which is in transit to a final destination outside the state, whether the destination is specified before or after the original transportation begins; or
(c) wool, mohair, hides, pelts and farm crops when owned by the person that originally produced them, but only during the tax year in which produced and the following tax year;
(4) it is personal property that is a part of a communications system as that term is defined in Section 7-36-30 NMSA 1978 and, even though not physically present in the state on the date when it is required to be valued for property taxation purposes, it is an integral part of the system and substantial property that is on that date a part of the communications system is physically present in New Mexico; or
(5) it is personal property and, even though not physically present in the state on the date when it is required to be valued for property taxation purposes, it is subject to valuation in accordance with the provisions of Section 7-36-31 or 7-36-32 NMSA 1978.
B. Real property and interests in real property having a taxable situs in the state shall be valued in and have their value allocated to the governmental units in which the real property is located unless a different method of allocation is specified under the Property Tax Code or by regulation of the department.
C. Personal property having a taxable situs in the state shall be valued in and have its value allocated to the governmental units in which the property is located on the date it is required to be valued unless a different method of allocation is specified under the Property Tax Code or by regulation of the department.
History:
1953 Comp., § 72-29-4, enacted by Laws 1973, ch. 258, § 16; 1985, ch. 109, § 4.
ANNOTATIONS
The 1985 amendment
added Subsections A(4) and A(5).
Department found in contempt for failing to value and assess high-voltage transmission lines for property taxes.
— Where petitioners petitioned for a writ of mandamus to compel the New Mexico taxation and revenue department (department) to establish values for two high-voltage transmission lines in Harding county and report those values to the Harding county assessor so that property taxes could be assessed on the lines, and where the district court issued the peremptory writ, determining that the transmission lines were taxable, and ordered the department to complete the valuation processes for the two transmission lines, timely conclude any protests, and certify the values to the county assessor for preparation of a bill for the property tax due, and where, following an administrative hearing officer's conclusion that the transmission lines did not have any value for tax assessment purposes, the department certified that the transmission lines were not taxable, which was contrary to the district court's order, and certified to the district court that the department complied with the court's order, and where petitioners then filed a motion for an order to show cause, arguing that the department had not complied with the peremptory writ, the district court did not abuse its discretion in holding the department in contempt and in awarding petitioners attorney fees as sanctions, because the department admittedly failed to act in accordance with the dictates of the law after the district court ordered the department to act and after the department was given notice and an opportunity to be heard.
Harding Cnty. Bd. of Comm'rs v. N.M. Tax'n & Revenue Dep't
, 2021-NMSC-007,
aff'g
A-1-CA-36305, mem. op. (May 24, 2019) (nonprecedential).
Am. Jur. 2d, A.L.R. and C.J.S. references. —
Situs of tangible personal property for purposes of property taxation, 2 A.L.R.4th 432.
Situs of aircraft, rolling stock and vessels for purposes of property taxation, 3 A.L.R.4th 837.