reglab/statecodes huggingface dataset:
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 5 - UNIFORM DIVISION OF INCOME FOR TAX PURPOSES › Part 19 - EQUITABLE ADJUSTMENT OF STANDARD ALLOCATION OR APPORTIONMENT › Section 3.5.19.17 - SPECIAL RULES - FINANCIAL INSTITUTIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
Apportionment and
				allocation.
(1) Except as otherwise
				specifically provided, a financial institution whose business activity is
				taxable both within and without this state shall allocate and apportion its net
				income as provided in this section. All items of nonbusiness income (income
				which is not includable in the apportionable income tax base) shall be
				allocated pursuant to the provisions of Sections
				7-4-5
				through
				7-4-9
				NMSA 1978 and Parts 3.5.5 through 3.5.9 NMAC. A financial institution organized
				under the laws of a foreign country, the commonwealth of Puerto Rico, or a
				territory or possession of the United States whose effectively connected income
				(as defined under the federal Internal Revenue Code) is taxable both within
				this state and within another state, other than the state in which it is
				organized, shall allocate and apportion its net income as provided in this
				section.
(2) All business income
				(income which is includable in the apportionable income tax base) shall be
				apportioned to this state by multiplying such income by the apportionment
				percentage. The apportionment percentage is determined by adding the taxpayer's
				receipts factor (as described in Subsection C of this section), property factor
				(as described in Subsection D of this section), and payroll factor (as
				described in Subsection E of this section) together and dividing the sum by
				three. If one of the factors is missing, the two remaining factors are added
				and the sum is divided by two. If two of the factors are missing, the remaining
				factor is the apportionment percentage. A factor is missing if both its
				numerator and denominator are zero, but it is not missing merely because its
				numerator is zero.
(3) Each factor
				shall be computed according to the method of accounting used by the taxpayer
				for federal income tax purposes for the taxable year, except as provided in
				Section 3.5.14.8 NMAC.
(4) If the
				allocation and apportionment provisions of this section do not fairly represent
				the extent of the taxpayer's business activity in this state, the taxpayer may
				petition for or the Secretary may require, in respect to all or any part of the
				taxpayer's business activity, if reasonable:
(a) separate accounting;
(b) the exclusion of any one or more of the
				factors,
(c) the inclusion of one
				or more additional factors which will fairly represent the taxpayer's business
				activity in this state; or
(d) the
				employment of any other method to effectuate an equitable allocation and
				apportionment of the taxpayer's income.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 5 - UNIFORM DIVISION OF INCOME FOR TAX PURPOSES › Part 19 - EQUITABLE ADJUSTMENT OF STANDARD ALLOCATION OR APPORTIONMENT › Section 3.5.19.19 - SPECIAL RULES: PUBLISHING

Current through Register Vol. 35, No. 13, July 16, 2024
The following special rules are established with respect to
				  the apportionment of income derived from the publishing, sale, licensing or
				  other distribution of books, newspapers, magazines, periodicals, trade journals
				  or other printed material.
A.
In General.
Except as specifically modified by this
				regulation, when a person in the business of publishing, selling, licensing or
				distributing newspapers, magazines, periodicals, trade journals or other
				printed material has income from sources both within and without this state,
				the amount of business income from sources within this state from such business
				activity shall be determined pursuant to the provisions of the Uniform Division
				of Income for Tax Purposes Act, Section
				7-4-1 through
				7-4-21, NMSA
				1978.
B.
Definitions.
The following definitions are applicable to the
				terms contained in this regulation, unless the context clearly requires
				otherwise.
(1) "Outer-jurisdictional
				property" means certain types of tangible personal property, such as orbiting
				satellites, undersea transmission cables and the like, that are owned or rented
				by the taxpayer and used in the business of publishing, licensing, selling or
				otherwise distributing printed material, but which are not physically located
				in any particular state.
(2) "Print
				or printed material" includes, without limitation, the physical embodiment or
				printed version of any thought or expression including, without limitation, a
				play, story, article, column or other literary, commercial, educational,
				artistic or other written or printed work. The determination of whether an item
				is or consists of print or printed material shall be made without regard to its
				content. Printed material may take the form of a book, newspaper, magazine,
				periodical, trade journal or any other form of printed matter and may be
				contained on any medium or property.
(3) "Purchaser" and "subscriber" mean the
				individual, residence, business or other outlet which is the ultimate or final
				recipient of the print or printed material. Neither of such terms shall mean or
				include a wholesaler or other distributor of print or printed
				material.
(4) "Terrestrial
				facility" shall include any telephone line, cable, fiber optic, microwave,
				earth station, satellite dish, antennae or other relay system or device that is
				used to receive, transmit, relay or carry any data, voice, image or other
				information that is transmitted from or by any outer-jurisdictional property to
				the ultimate recipient thereof.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 5 - UNIFORM DIVISION OF INCOME FOR TAX PURPOSES › Part 21 - CONSTRUCTION OF ACT › Section 3.5.21.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Taxation and Revenue Department, Joseph M. Montoya Building,
				  1100 South St. Francis Drive, P.O. Box 630, Santa Fe NM
				  87504-0630
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 5 - UNIFORM DIVISION OF INCOME FOR TAX PURPOSES › Part 21 - CONSTRUCTION OF ACT › Section 3.5.21.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
This part applies to every taxpayer having income which is
				  taxable for income tax purposes both within and without New
				  Mexico.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 5 - UNIFORM DIVISION OF INCOME FOR TAX PURPOSES › Part 21 - CONSTRUCTION OF ACT › Section 3.5.21.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
1/15/97, unless a later date is cited at the end of a
				  section, in which case the later date is the effective date.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 5 - UNIFORM DIVISION OF INCOME FOR TAX PURPOSES › Part 21 - CONSTRUCTION OF ACT › Section 3.5.21.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this part is to interpret, exemplify,
				  implement and enforce the provisions of the Uniform Division of Income for Tax
				  Purposes Act.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 5 - UNIFORM DIVISION OF INCOME FOR TAX PURPOSES › Part 21 - CONSTRUCTION OF ACT › Section 3.5.21.8 - APPLICATION

Current through Register Vol. 35, No. 13, July 16, 2024
Regulations issued under the Uniform Division of Income for
				  Tax Purposes Act are applicable to Article IV of the multistate tax compact to
				  the extent they are not inconsistent with the provisions of the multistate tax
				  compact.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 1 - GENERAL PROVISIONS › Section 3.6.1.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Taxation and Revenue Department, Joseph M. Montoya Building,
				  1100 South St. Francis Drive, P.O. Box 630, Santa Fe NM
				  87504-0630
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 1 - GENERAL PROVISIONS › Section 3.6.1.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
The sections under this part apply to all property subject to
				  property taxation under the Property Tax Code, owners and agents of owners of
				  such property and all county officials and personnel of the taxation and
				  revenue department charged with administration of the Property Tax
				  Code.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 1 - GENERAL PROVISIONS › Section 3.6.1.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
8/31/96, unless a later date is cited at the end of a
				  section, in which case the later date is the effective date.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 1 - GENERAL PROVISIONS › Section 3.6.1.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
"BUFFALO"
				DEFINED:
The terms "buffalo" and "livestock" include the American bison
				(Bison bison) and any offspring from a crossbreeding of the American bison and
				domestic cattle.
B.
"DIRECTOR" AND "DIVISION":
As used in Parts 1 through 7 of Chapter
				3.6 NMAC:
(1) "Director" means the director
				of the property tax division of the taxation and revenue department;
(2) "Division" or "property tax division"
				means the property tax division of the taxation and revenue department, the
				director of the division or any employee of the division exercising authority
				lawfully delegated to that employee through the director.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 1 - GENERAL PROVISIONS › Section 3.6.1.8 - SPECIAL NOTE CONCERNING SCOPE AND EFFECTIVE DATE OF RULINGS - CITATION OF STATUTES IN 3 NMAC 6

Current through Register Vol. 35, No. 13, July 16, 2024
A. All rulings
				pertaining to the Property Tax Code issued by the secretary of taxation and
				revenue prior to the effective date of Parts 1 through 7 of Chapter 3.6 NMAC
				are superseded by Parts 1 through 7 of Chapter 3.6 NMAC as to tax liability
				incurred subsequent to the effective date of Parts 1 through 7 of Chapter 3.6
				NMAC or as to any act done subsequent thereto. If, however, a prior ruling is
				not changed in substance by a provision of Parts 1 through 7 of Chapter 3.6
				NMAC, such prior ruling shall remain in effect.
B. Unless otherwise stated, all citations of
				statutes in Parts 1 through 7 of Chapter 3.6 NMAC are to the New Mexico
				Statutes Annotated, 1978 (NMSA 1978).
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 1 - GENERAL PROVISIONS › Section 3.6.1.10 - DELEGATION OF AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				Except as to duties under Section
				7-35-6
				NMSA 1978 and where otherwise prohibited by statute and where otherwise
				specifically reserved in Parts 1 through 7 of Chapter 3.6 NMAC to the secretary
				of taxation and revenue or the taxation and revenue department, authority for
				discharging the taxation and revenue department's duties under the Property Tax
				Code is delegated either, where indicated, to the director of the property tax
				division or to that division. when in Parts 1 through 7 of Chapter 3.6 NMAC an
				authority is assigned to the "director" alone, that constitutes a delegation to
				the director personally and may not be further delegated by the director. When
				in Parts 1 through 7 of Chapter 3.6 NMAC an authority is assigned to the
				division or to the director or the director's delegate, that constitutes a
				delegation to the director and to any other employee of the taxation and
				revenue department to whom the director in turn delegates the
				authority.
B. Where permitted by
				law, the secretary of taxation and revenue may make any necessary and proper
				delegation to the director of the property tax division personally, to an
				employee of the property tax division or to any other member of the department
				in addition to those made in Parts 1 through 7 of Chapter 3.6 NMAC. The
				secretary may require that certain responsibilities or authorities delegated to
				the division under Section 3.6.1.10 NMAC in turn be delegated to other members
				of the department.
C. Any
				delegation may be oral; it is not required to be in writing.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 1 - GENERAL PROVISIONS › Section 3.6.1.11 - NET TAXABLE VALUE - EXAMPLE

Current through Register Vol. 35, No. 13, July 16, 2024
The phrase "net taxable value" as defined in Section
				  7-35-2
				  NMSA 1978 is calculated for residential property in the manner shown in the
				  following example:
Value of property upon which property tax is imposed
						  (full value)
$ 100,000
Times the Tax Ratio
x .333333
Taxable value
$ 33,333
Less the Head of Household Exemption
-
						  2,000
Net taxable value
$ 31,333
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 1 - GENERAL PROVISIONS › Section 3.6.1.12 - TAX IDENTIFICATION NUMBER ISSUED BY INTERNAL REVENUE SERVICE

Current through Register Vol. 35, No. 13, July 16, 2024
A tax identification number issued by the internal revenue
				  service to individuals not qualified to be issued a social security number will
				  be accepted by the department in lieu of the social security number in all
				  cases in which reporting a social security number is required under the
				  Property Tax Code.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 3 - COUNTY INVOLVEMENT IN PROPERTY TAX › Section 3.6.3.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Taxation and Revenue Department, Joseph M. Montoya Building,
				  1100 South St. Francis Drive, P.O. Box 630, Santa Fe NM
				  87504-0630
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 3 - COUNTY INVOLVEMENT IN PROPERTY TAX › Section 3.6.3.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
The sections under this part apply to all property subject to
				  property taxation under the Property Tax Code, owners and agents of owners of
				  such property and all county officials and personnel of the taxation and
				  revenue department charged with administration of the Property Tax
				  Code.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 3 - COUNTY INVOLVEMENT IN PROPERTY TAX › Section 3.6.3.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
8/31/96, unless a later date is cited at the end of a
				  section, in which case the later date is the effective date.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 3 - COUNTY INVOLVEMENT IN PROPERTY TAX › Section 3.6.3.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this part is to interpret, exemplify,
				  implement and enforce the provisions of the Property Tax
				  Code.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 3 - COUNTY INVOLVEMENT IN PROPERTY TAX › Section 3.6.3.8 - DIRECTOR'S SUPERVISORY POWER OVER COUNTY ASSESSORS - DUTY TO EVALUATE PERFORMANCE AND PROVIDE TECHNICAL ASSISTANCE - PROPERTY VALUATION FUND CREATED

Current through Register Vol. 35, No. 13, July 16, 2024
A.
ANNUAL
				EVALUATION OF ASSESSORS:
The division will conduct, during each calendar
				year, an evaluation of each county assessor's operations during that calendar
				year. The evaluation will include, but not be limited to, a review of the
				performance of the county assessor's functions on the basis of:
(1) The department's copy of the written
				report the assessor is required to submit to the board of county commissioners
				pursuant to Section
				7-36-16
				NMSA 1978;
(2) The assessor's and
				assessor's employees' possession of, compliance with, and knowledge of
				regulations, orders, rulings and instructions pertaining to the Property Tax
				Code, valuation manuals, and cost and valuation schedules;
(3) The assessor's compliance with the
				training requirement set forth in Subsection B of Section
				7-35-5
				NMSA 1978;
(4) The assessor's and
				assessor's employees' attendance at and participation in training programs on
				the technical, legal and administrative aspects of property taxation;
(5) The assessor's maintenance of current tax
				maps and property record cards;
(6)
				The assessor's allowance or disallowance of exemptions;
(7) A field review by one or more division
				employees of the operations of the assessor's office; and
(8) Any other information which may aid the
				division in evaluating the county assessor's operation.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 3 - COUNTY INVOLVEMENT IN PROPERTY TAX › Section 3.6.3.9 - VALUATION MANUALS - COST AND VALUATION SCHEDULES

Current through Register Vol. 35, No. 13, July 16, 2024
Department employees, county assessors and their employees
				  are required to use the most current department valuation manuals and cost and
				  valuation schedules. Alternative cost and valuation schedules and alternative
				  valuation manuals may be used with the director's written
				  approval.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 3 - COUNTY INVOLVEMENT IN PROPERTY TAX › Section 3.6.3.10 - APPROVAL OF REIMBURSEMENT

Current through Register Vol. 35, No. 13, July 16, 2024
Written approval by the director or the director's delegate
				  for reimbursement of expenses incurred by assessors and employees of the state
				  and its political subdivisions who attend training programs conducted or
				  sponsored by the department is required to be obtained in advance of attendance
				  at the training program.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 3 - COUNTY INVOLVEMENT IN PROPERTY TAX › Section 3.6.3.13 - SECRETARY TO NOTIFY SECRETARY OF DEPARTMENT OF FINANCE AND ADMINISTRATION OF INFORMATION INDICATING NONCOMPLIANCE OF COUNTY TREASURER

Current through Register Vol. 35, No. 13, July 16, 2024
The secretary will immediately notify the secretary of
				  finance and administration of any information the secretary acquires indicating
				  that a county treasurer has failed to comply with the Property Tax Code or
				  regulations, orders, rulings, or instructions of the department under the
				  Property Tax Code or of the department of finance and administration.
				  Department employees are required to notify the secretary of any information
				  they acquire indicating such failure to comply by a county
				  treasurer.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 3 - COUNTY INVOLVEMENT IN PROPERTY TAX › Section 3.6.3.15 - REDUCTION OF REIMBURSABLE AMOUNT ONLY AFTER REPORT FROM DEPARTMENT OF FINANCE AND ADMINISTRATION

Current through Register Vol. 35, No. 13, July 16, 2024
The secretary will not consider reduction of the amount a
				  county is required to reimburse the department until a report is obtained by
				  the department from the department of finance and administration showing the
				  extent to which county funds are available to make the reimbursement. If county
				  funds are available to reimburse the actual costs of the services, no reduction
				  in the amount required to be reimbursed will be made.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 3 - COUNTY INVOLVEMENT IN PROPERTY TAX › Section 3.6.3.16 - NEW MEXICO CERTIFIED APPRAISER CERTIFICATION

Current through Register Vol. 35, No. 13, July 16, 2024
The purpose of the New Mexico certified appraiser certificate
				  is to recognize professionalism and competency in the valuation of property for
				  property taxation purposes. Certified appraisers may use this designation in
				  conjunction with the valuation of a wide range of property as it is customarily
				  defined in their assessment jurisdiction in accordance with New Mexico property
				  tax division's commitment to excellence. To qualify for certification, the
				  following general educational requirements must be fulfilled.
A. To receive a New Mexico certified
				appraiser certificate from the New Mexico taxation and revenue department an
				individual must have received credit for the following qualifying educational
				courses:
(1) IAAO Course 101,
fundamentals of real property appraisal
(30 hours);
(2) IAAO Course 102,
income approach
				to valuation
(30 hours);
(3) IAAO Course 300,
fundamentals of
				mass appraisal
(30 hours); and
(4) 30 hours of any of the following:
(a) IAAO Course 201,
appraisal of
				land;
(b) IAAO Course 112,
income approach to valuation II;
(c) IAAO Course 311,
residential
				modeling concepts;
(d)
				IAAO Course 312,
commercial/industrial modeling concepts;
or
(e) IAAO Course 320,
multiple regression analysis.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 4 - VALUATION › Section 3.6.4.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Taxation and Revenue Department, Joseph M. Montoya Building,
				  1100 South St. Francis Drive, P.O. Box 630, Santa Fe NM
				  87504-0630
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 4 - VALUATION › Section 3.6.4.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
The sections under this part apply to all property subject to
				  property taxation under the Property Tax Code, owners and agents of owners of
				  such property and all county officials and personnel of the Taxation and
				  Revenue Department charged with administration of the Property Tax
				  Code.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 4 - VALUATION › Section 3.6.4.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
8/31/96, unless a later date is cited at the end of a
				  section, in which case the later date is the effective date.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 4 - VALUATION › Section 3.6.4.8 - ALLOCATION OF RESPONSIBILITY FOR VALUATION AND DETERMINING CLASSIFICATION OF PROPERTY FOR PROPERTY TAXATION PURPOSES - COUNTY ASSESSOR AND DEPARTMENT

Current through Register Vol. 35, No. 13, July 16, 2024
A.
PIPELINES
				FOR IRRIGATION PURPOSES NOT EXEMPT:
Although community ditches and their
				laterals are exempted by Article VIII, Section 3 of the New Mexico
				Constitution, other irrigation works, water pipeline businesses or public
				utilities which use pipelines as a means of delivering water are not
				exempt.
B.
MINERAL RIGHTS AND
				INTERESTS NOT INCLUDED IN THE DEFINITIONS OF MINERAL PROPERTY:
Mineral
				rights or interests in minerals, including fractional mineral rights or
				interests in minerals in lands, which are not "... known to contain minerals in
				commercially workable quantities of such a character as add present value to
				the land in addition to its values for other purposes, ..." are not within the
				definition of "mineral property" found in the Property Tax Code and are not
				subject to assessment or taxation by the department under Section
				7-36-22
				NMSA 1978. These rights or interests are not to be placed on the tax schedules
				of any county as property separate from the surface rights.
C.
CERTAIN SUBSTANCES ARE
				MINERALS:
Sand, gravel and guano are each defined to be a "mineral" as
				that term is used in Subsection C of Section
				7-36-2
				NMSA 1978 and Sections
				7-36-22
				and
				7-36-23
				NMSA 1978.
D.
SEVERED MINERAL
				INTERESTS:
(1) The owner, lessee or
				holder of the mineral estate or mineral interest is required to report to the
				division the mineral property and property held or used in connection with the
				mineral property when:
(a) the mineral estate
				or mineral interest in real property has been severed from the surface interest
				in the real property by sale, lease or other arrangement; and
(b) the mineral estate or mineral interest is
				"mineral property" as defined in Sections
				7-36-22
				through
				7-36-25
				NMSA 1978.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 5 - CLASSIFICATION OF PROPERTY › Section 3.6.5.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Taxation and Revenue Department, Joseph M. Montoya Building,
				  1100 South St. Francis Drive, P.O. Box 630, Santa Fe NM
				  87504-0630
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 5 - CLASSIFICATION OF PROPERTY › Section 3.6.5.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
The sections under this part apply to all property subject to
				  property taxation under the Property Tax Code, owners and agents of owners of
				  such property and all county officials and personnel of the taxation and
				  revenue department charged with administration of the Property Tax
				  Code.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 5 - CLASSIFICATION OF PROPERTY › Section 3.6.5.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
8/31/96, unless a later date is cited at the end of a
				  section, in which case the later date is the effective date.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 5 - CLASSIFICATION OF PROPERTY › Section 3.6.5.8 - CLASSIFICATION OF PROPERTY - MULTIPLE USE PROPERTIES

Current through Register Vol. 35, No. 13, July 16, 2024
A. Property shall be classified as
				residential or nonresidential in accordance with the definitions found in
				Section
				7-35-2
				NMSA 1978.
B. Multiple use
				properties are properties which contain both residential and non-residential
				components. Multiple use properties shall be classified according to their
				individual components if it is possible to separate the property into discrete
				entities. If it is not feasible to separate a multiple-use property into
				discreet entities, then that property shall be classified according to the
				predominant use of the property. Examples: a ranch which can be separated into
				residential and non-residential components exemplifies a multiple use property
				divisible into discrete parts. A single building with an apartment and a store,
				however, generally cannot be separated into its discrete components.
C. Predominant usage of a property may be
				arrived at by calculating the value of each component through the generally
				accepted methods of valuation-comparable sales, income or cost-as
				applicable.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 5 - CLASSIFICATION OF PROPERTY › Section 3.6.5.12 - LICENSE NOT A FRACTIONAL INTEREST

Current through Register Vol. 35, No. 13, July 16, 2024
Because it does not constitute an interest in real property,
				  a license which does not confer the dominion and control necessary to
				  constitute a leasehold is not included within the definition of "fractional
				  interest" as that term is defined in Section
				  7-36-4
				  NMSA 1978.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 5 - CLASSIFICATION OF PROPERTY › Section 3.6.5.15 - PROPERTY SUBJECT TO VALUATION FOR PROPERTY TAXATION PURPOSES

Current through Register Vol. 35, No. 13, July 16, 2024
A.
CERTAIN
				DISTRICT PROPERTY EXEMPT:
(1) Section
				73-17-22
				NMSA 1978 provides that title to all rights and property acquired by any
				conservancy district shall immediately and by operation of law vest in such
				district in its corporate name. Further, such property is held for uses and
				purposes of the district and is exempted from all taxation.
(2) The property of a water and sanitation
				district formed in accordance with Section
				73-21-9
				NMSA 1978 is exempt from property taxation because the district is a
				governmental subdivision of the state.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 5 - CLASSIFICATION OF PROPERTY › Section 3.6.5.16 - CERTAIN PERSONAL PROPERTY EXEMPT FROM PROPERTY TAX

Current through Register Vol. 35, No. 13, July 16, 2024
A.
PROPERTY SUBJECT TO INTERNAL REVENUE
				CODE SECTION 179 DEDUCTION:
(1) A
				deduction claimed under Section 179 of the Internal Revenue Code for federal
				income tax purposes shall be considered to be depreciation for the purposes of
				Section
				7-36-8
				NMSA 1978. Any item of personal property for which the property owner claims a
				deduction under Section 179 of the Internal Revenue Code is subject to property
				taxation with respect to each year for which a Section 179 deduction was
				claimed with respect to that property in the same manner as if the property
				owner had claimed depreciation with respect to that property.
(2) Example: In March, 1994, Owner purchases
				for $5,000 a desktop computer and related equipment for business use. Owner
				reports federal income tax on a calendar year basis. For the federal income tax
				year ending December 31, 1994, Owner elects to take advantage of the provisions
				of Internal Revenue Code Section 179 to fully expense the computer and related
				equipment. Owner must report the value of the computer and related equipment
				for the property tax year beginning January 1, 1995, but not for subsequent
				property tax years.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 5 - CLASSIFICATION OF PROPERTY › Section 3.6.5.21 - TAXABLE SITUS - ALLOCATION OF VALUE OF PROPERTY

Current through Register Vol. 35, No. 13, July 16, 2024
A.
INTERESTS IN REAL PROPERTY SUBJECT
				TO VALUATION FOR PROPERTY TAXATION PURPOSES:
Under Section
				7-36-7
				NMSA 1978, property, except that listed in Subsection B of that section, which
				has a taxable situs in New Mexico is subject to valuation for property taxation
				purposes. Therefore, an interest in real property located in New Mexico, having
				situs in New Mexico by reason of Paragraph (2) of Subsection A of Section
				7-36-14
				NMSA 1978, is subject to valuation for property taxation purposes.
B.
PROPERTY USED TO TRANSPORT PROPERTY
				HAS SITUS:
The phrase "property being transported in interstate commerce
				that is physically present in the state only while being transported through or
				over the state" as used in Subparagraph (a) of Paragraph (3) of Subsection A of
				Section
				7-36-14
				NMSA 1978 does not include properties used as instrumentalities of interstate
				commerce, such as railroad engines and cars and commercial aircraft, even
				though these properties may move in interstate commerce.
C.
LIVESTOCK IN FEEDLOTS NOT INCLUDED
				UNDER FREEPORT PROVISIONS:
The terms "warehouse" and "factory" as used
				in Subparagraph (b) of Paragraph (3) of Subsection A of Section
				7-36-14
				NMSA 1978, do not include livestock feedlots. Therefore, livestock in New
				Mexico feedlots are not excepted from the acquisition of taxable situs in New
				Mexico by reason of Subparagraph (b) of Paragraph (3) of Subsection A of
				Section
				7-36-14
				NMSA 1978.
D.
ORIGINAL
				PACKAGE DOCTRINE NOT APPLICABLE UNDER FREEPORT PROVISIONS:
The property
				referred to in Subparagraph (b) of Paragraph (3) of Subsection A of Section
				7-36-14
				NMSA 1978 does not acquire taxable situs in this state because while in the
				warehouse the property is assembled, bound, joined, processed, disassembled,
				divided, cut, broken in bulk, relabeled or repackaged.
E.
OUT OF STATE DESTINATION NOT
				SPECIFIED OR SPECIFIED IN ALTERNATIVES:
(1) If the original transportation of the
				property referred to in Subparagraph (b) of Paragraph (3) of Subsection A
				Section
				7-36-14
				NMSA 1978 has ceased and a final destination for the property outside New
				Mexico has not been specified, the property will be presumed to have a taxable
				situs in New Mexico. This presumption may be overcome by a showing that:
(a) a final destination for the property,
				outside the state, has been specified, or
(b) that the property is part of a percentage
				of property, based on a preceding five-year average, which has been transported
				outside the state after storage, manufacturing, processing or
				fabricating.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 5 - CLASSIFICATION OF PROPERTY › Section 3.6.5.22 - METHODS OF VALUATION FOR PROPERTY TAXATION PURPOSES - GENERAL PROVISIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
INCOME
				METHOD OF VALUATION - IMPLEMENTATION:
(1) The income method of valuation is a
				method used to value property by capitalizing its income when the market value
				method cannot be used due to lack of data on sales of comparable properties and
				no special method specified in Sections
				7-36-20
				through
				7-36-33
				NMSA 1978 is applicable. The value of the property under the income method of
				valuation is determined by dividing the annual income by the applicable
				capitalization rate.
(2) Income is
				predicated on estimated future income which could be realized from the legally
				permitted highest and best use or uses of the property.
(3) Where sufficient evidence of the rental
				value of the property being valued is available, the income is based upon the
				fair rent which can be imputed to the property being valued based upon rent
				actually received for the property by the owner and upon typical rentals
				received in the area for similar property in similar use, provided that use is
				the legally permitted highest and best use. When the property being valued is
				actually encumbered by a lease, the cash rent or its equivalent considered in
				determining the fair rent of the property is the amount for which the property
				would be expected to rent at its legally permitted highest and best use were
				the rental payment to be renegotiated in the light of conditions as they exist
				at the time the property is being valued.
(4) Where sufficient evidence as to rental
				value of the property being valued is not available, the income used is based
				upon the fair rent which the property being valued reasonably can be expected
				to yield under prudent management. The imputed fair rent is developed from
				market information which reflects the probable rental value of the property
				being valued in the open market at its legally permitted highest and best
				use.
(5) "Income" as that term is
				used in Section 3.6.5.22 NMAC is net income or the difference between annual
				revenue or receipts, actual or imputed, from rental of the property and the
				annual expenses relating to the property.
(6) "Expenses", as that term is used in
				Section 3.6.5.22 NMAC, is the outlay or average annual allocation of money or
				money's worth that can fairly be charged against the revenue or receipts from
				the property. Expenses are limited to those which are ordinary and necessary in
				the production of the revenue and receipts from the property and do not include
				debt retirement, interest on funds invested in the property or income
				taxes.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 5 - CLASSIFICATION OF PROPERTY › Section 3.6.5.23 - RESPONSIBILITY OF COUNTY ASSESSORS TO DETERMINE AND MAINTAIN CURRENT AND CORRECT VALUES OF PROPERTY

Current through Register Vol. 35, No. 13, July 16, 2024
A.
COST SHARING PROVISIONS IN VALUATION MAINTENANCE CONTRACTS:
The
				department will not enter a contract pursuant to Subsection C of Section
				7-36-16
				NMSA 1978 which provides for sharing of the costs of valuation maintenance
				programs with counties unless the department has a report from the secretary of
				finance and administration showing the amount of county funds available or
				which could be made available for a valuation maintenance program. In the event
				the report indicates that the county has available sufficient funds for a
				valuation maintenance program, the contract will provide for only a minimal
				amount as the department's share of the program costs.
B.
SALES RATIO REPORT:
The
				written report which assessors are required to provide under Subsection E of
				Section
				7-36-16
				NMSA 1978 includes " ... the relationship of sales prices of property sold to
				values for property taxation purposes ...". This portion of the report is
				referred to as the "sales ratio report." The sales ratio report is prepared in
				accordance with the instructions of the division. In its instruction or by its
				order to particular county assessors, the division may permit the sales ratio
				report to be prepared on the basis of sampling. The division instruction will
				provide for a "uniform sales data card" to be used by each county assessor in
				recording sales. These cards, or copies of these cards, will be provided the
				division by the county assessor upon direction by the division.
C.
CURRENT AND CORRECT VALUES OF
				PROPERTY DEFINED:
Assessors shall re-appraise properties either once per
				year (one-year reappraisal cycle), or once every two years (two-year
				reappraisal cycle). Assessor's may only change the current reappraisal cycle in
				their respective county after written approval is granted by the director. The
				phrase "current and correct values of property" as used in Section
				7-36-16
				NMSA 1978 means:
(1) for residential property
				purchased in the year prior to the current tax year the phrase means its market
				value during the year of purchase;
(2) for residential property not purchased in
				the year prior to the current tax year, when utilizing a one year reappraisal
				cycle, the phrase means its' market value of the year prior to the current tax
				year, and
(3) for residential
				property not purchased in the year prior to the current tax year, and
				non-residential locally assessed property, when utilizing a two year
				reappraisal cycle, the phrase means its market value in the tax year 2001 and,
				for each of the following odd-numbered tax year, its market value during the
				preceding odd-numbered tax year.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 5 - CLASSIFICATION OF PROPERTY › Section 3.6.5.24 - VALUATION OF RESIDENTIAL PROPERTY-COUNTIES WHOSE RATIO IS 85%

Current through Register Vol. 35, No. 13, July 16, 2024
A. Valuation for
				property tax year 2001: For counties whose sales ratio for residential property
				is at least 85 percent for the 2000 property tax year, valuations for
				residential properties in the county for the 2001 property tax year shall be
				determined under this subsection.
(1) For
				residential properties being valued for the first time or that underwent in
				2000 a change of ownership, as that term is defined in Section
				7-36-21.2
				NMSA 1978, use or zoning, the valuation for property taxation purposes for 2001
				shall be the property's current and correct value.
(2) For all other residential properties, the
				valuation for 2001 shall not exceed 106.1 percent of the sum of the property's
				valuation for property taxation purposes in 1999 plus the contributory value of
				physical changes made to the property not already recognized in the property
				record or 103 percent of the sum of the property's valuation for property
				taxation purposes in 2000 plus the contributory value of physical changes made
				to the property not already recognized in the property record.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 5 - CLASSIFICATION OF PROPERTY › Section 3.6.5.25 - SALES RATIO STUDY

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				The department sales ratio study is prepared on the basis of information
				provided in the assessors' sales ratio reports or sales data cards referred to
				in Parts 1 through 7 of Chapter 3.6 NMAC.
B. The sales ratio study shall compare the
				last assessed value of property prior to the sale of that property, not
				including any limitation on an increase in value pursuant to Section
				7-36-21.2
				NMSA 1978, to the sales price of the same property. For example, the 2009 sales
				ratio study compares the value of property determined by the county assessor
				for 2008, not including the limitation on increases in value pursuant to
				Section
				7-36-21.2
				NMSA 1978, to the sales price of the same property, which sold in
				2008.
C. The sales ratio study
				shall compare the last assessed value of property prior to the sale of that
				property, including the limitation on an increase in value pursuant to Section
				7-36-21.2
				NMSA 1978, to the sales price of the same property. For example, the 2009 sales
				ratio study compares the value of property determined by the county assessor
				for 2008, including the limitation on increases in value pursuant to Section
				7-36-21.2
				NMSA 1978, to the sales price of the same property, which sold in
				2008.
D. The sales ratio study
				shall compare the first assessed value of property after its sale, including
				the limitation on an increase in value pursuant to Section
				7-36-21.2
				NMSA 1978, to the sales price of the same property. For example, the 2009 sales
				ratio study compares the value of property determined by the county assessor
				for 2009, including the limitation on increases in value pursuant to Section
				7-36-21.2
				NMSA 1978, to the sales price of the same property, which sold in
				2008.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 5 - CLASSIFICATION OF PROPERTY › Section 3.6.5.26 - REQUESTS BY ASSESSORS FOR TECHNICAL ASSISTANCE SERVICES

Current through Register Vol. 35, No. 13, July 16, 2024
Requests by county assessors to the department for technical
				  assistance, such as appraisals by division employees in the valuation of major
				  industrial or commercial properties, are required to be in writing. The
				  assessor's written request is also required to be signed by at least one member
				  of the board of county commissioners who certifies that the board of county
				  commissioners concurs in the request.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 5 - CLASSIFICATION OF PROPERTY › Section 3.6.5.27 - SPECIAL METHOD OF VALUATION - LAND USED PRIMARILY FOR AGRICULTURAL PURPOSES

Current through Register Vol. 35, No. 13, July 16, 2024
A.
APPLICATION FORM FOR VALUATION AS AGRICULTURAL LAND:
(1) Applications by owners of land for
				valuation pursuant to Section
				7-36-20
				NMSA 1978 must be on a form which has been approved by the director of the
				division. The form shall contain the following requirements for information to
				be provided:
(a) description of the
				land;
(b) the use of the land
				during the year preceding the year for which the application is made;
(c) whether the land was held for speculative
				land subdivision and sale or has been subdivided;
(d) whether the land was used for commercial
				purposes of a nonagricultural character;
(e) whether the land was used for
				recreational purposes and if so, how; and
(f) whether the land was leased and if so,
				who was the lessee, did he report livestock for valuation and what was the
				lessee's use of the property.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 5 - CLASSIFICATION OF PROPERTY › Section 3.6.5.28 - SPECIAL METHOD OF VALUATION - LIVESTOCK

Current through Register Vol. 35, No. 13, July 16, 2024
A.
LIVESTOCK OWNERS REPORT:
The
				livestock owners report shall be on a form approved by the director of the
				division. The report requires the following information:
(1) the number of each class of livestock, by
				head, owned by the owner and located in New Mexico on January 1 of the tax
				year, the classes being consistent with those established in the division order
				referred to in Subsection D of Section
				7-36-21
				NMSA 1978;
(2) the numbers of each
				class of livestock, by head, owned by the owner and not located in New Mexico
				on January 1 but brought into New Mexico and located here for more than twenty
				days subsequent to January l, the classes being consistent with those
				established in the division order referred to in Subsection D of Section
				7-36-21
				NMSA 1978; and
(3) a statement as
				to the length of time during the tax year that the livestock are expected to be
				in New Mexico and their location, such as a feedlot or grazing on pasture, with
				reference to school district in the county.
New Mexico Administrative Code › Title 3 - TAXATION › Chapter 6 - PROPERTY TAXES › Part 5 - CLASSIFICATION OF PROPERTY › Section 3.6.5.29 - MINERAL PROPERTY - DEFINITIONS AND CLASSIFICATIONS FOR VALUATION PURPOSES

Current through Register Vol. 35, No. 13, July 16, 2024
A.
MINERAL PROPERTY - MINERAL DEFINED:
For purposes of Paragraph (2)
				of Subsection C of Section
				7-36-2
				NMSA 1978 and Sections
				7-36-22
				and
				7-36-23
				NMSA 1978, a mineral is any lifeless natural substance having sufficient value
				to be mined, quarried or extracted from the earth, except water, oil and
				gas.
B.
MINERAL PROPERTY -
				DETERMINATION OF "CLASS ONE NONPRODUCTIVE MINERAL PROPERTY":
(1) If "development expenditures" as defined
				in Section 616 of the United States Internal Revenue Code of 1986, as amended
				or renumbered, are attributable to any land held in private ownership in fee
				during any of the ten years immediately preceding the tax year for which the
				property is being valued, the property is presumed to contain minerals in
				commercially workable quantities of such a character as add present value to
				the land in addition to its value for other purposes. If such property is not
				mined to the extent specified in Subsection A of Section
				7-36-22
				NMSA 1978, it is, unless the presumption is rebutted, to be classified as class
				one nonproductive mineral property under Subsection B of that
				section.
(2) If the per acre value
				determined pursuant to Subsection E of Section
				7-36-23
				NMSA 1978 for real property contended to be class one nonproductive mineral
				property is less than ten dollars ($10.00) per acre for the mineral in place,
				excluding the surface value of the property, the real property does not contain
				minerals in commercially workable quantities of such a character as add present
				value to the land in addition to its value for other purposes, is therefore
				outside the definition of "mineral property" and shall not be valued by the
				department, unless the property is held or used in connection with "mineral
				property".