New Mexico Administrative Code

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 …

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. Therefo…

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 Se…

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…

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…

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…

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…

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 informat…

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…

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, exce…

Section 9-11-6.2 NMSA 1978.

A. MINERAL PROPERTY - SURFACE VALUE FOR AGRICULTURAL OR OTHER PURPOSES: The valuation methods to be used in determining the "surface value for agricultural or other purposes or class one productive of nonproductive mineral property when the surface interest is held in the same ow…

A. POTASH MINERAL PROPERTY - MARKET VALUE: (1) The "market value of all mineral production from potash mineral property" as that phrase is used in Subsections B, D, and E of Section 7-36-24 NMSA 1978, means the amount for which all mineral production from potash mineral property …

A. URANIUM MINERAL PROPERTY - IMPROVEMENTS, ETC., HELD OR USED IN CONNECTION WITH ALL CLASSES OF URANIUM MINERAL PROPERTY - SURFACE VALUE FOR AGRICULTURAL OR OTHER PURPOSES: The valuation methods used in valuing the property described in Paragraphs (1) and (2) of Subsection B of …

A. MANUFACTURED HOMES - REPORTING FORM: (1) The information specified below is required to be furnished by manufactured home owners in reporting manufactured homes pursuant to Section 7-36-26 NMSA 1978: (a) owner's name and mailing address; (b) location of manufactured home, incl…

A. OIL & GAS PIPELINES - VALUATION METHOD: (1) All pipelines, tanks, sales meters and plants as defined in Section 7-36-27 NMSA 1978 which are used in the processing, gathering, transmission, storage, measurement or distribution of oil, natural gas, carbon dioxide, or liquid hydr…

A. WATER SYSTEMS - DEFINITIONS: As used in Section 7-36-28 NMSA 1978 and regulations thereunder: (1) "Pipeline" means all pipe, appurtenances to pipe and devices attached to pipe used in systems for the commercial gathering, transmission or distribution of water, except tanks, sa…

A. ELECTRIC PLANT - PROPERTY TO BE VALUED: (1) Property to be valued as property "used for the generation, transmission or distribution of electrical power or energy" includes property which is used in the conduct of a public utility business and property that is "an electricity …

A. COMMUNICATIONS SYSTEMS - MICROWAVE TRANSMISSION: Property that is used in the conduct of the communications business includes all property that is a part of a communications system, including, but not limited to, property which is used for purposes of microwave transmission or…

A. RAILROADS - PROPERTY TO BE VALUED AS PROPERTY USED BY A RAILROAD COMPANY IN THE OPERATION OF A RAILROAD: (1) All property owned or leased and used by a railroad in its operation, which is subject to valuation for property tax purposes, is required to be valued except for railw…

A. COMMERCIAL AIRCRAFT - PROPERTY SUBJECT TO VALUATION -DEFINITIONS: (1) A "commercial airline company" as that term is used in Section 3.6.5.39 NMAC means an "airline" as that term is used in Paragraph (5) of Subsection B of Section 7-36-2 NMSA 1978 and defined in Section 3.6.5.…

Permanent.

A. GENERAL - CONSTRUCTION WORK IN PROGRESS: The phrase "construction work in progress" as defined in Paragraph (6) of Subsection B of Section 7-36-33 NMSA 1978 and as valued pursuant to Subsection D of Section 7-36-33 NMSA 1978 does not include the value of the land upon which th…

A. Application for reduced valuation of affordable housing. Not later than the last day of February of the tax year for which a reduced valuation is claimed pursuant to Section 7-36-15(B)(2) NMSA 1978, a property owner shall file an application with the county assessor, in a form…

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.

The objective of this part is to interpret, exemplify, implement and enforce the provisions of the Property Tax Code.

[Reserved]

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 classif…

Department of Finance and Administration, Local Government Division.

A. The secretary shall follow the procedures set forth in Section 7-35-7 NMSA 1978, as amended, for suspension of treasurers' functions and termination of a suspension order. B. The costs counties are required to reimburse the department, when the department performs the function…

A. Section 7-37-7 NMSA 1978, as amended, provides for the maximum property tax rates and their limitations. The authority to impose general purpose tax rates is granted to local governments and shall be done during the budget-making and approval process. The general purpose tax r…

A. The county property valuation fund is created in Section 7-38-38.1 NMSA 1978 and prescribes the method and manner for the collection and distribution of the administrative charge on revenue recipients to offset collection costs. B. All administrative charges shall be collected…

A. The treasurer shall deposit in the property tax suspense fund an amount equal to the portion of any property taxes paid to the treasurer that is not admitted to be due and is the subject of a claim for refund. B. The property tax suspense fund shall be invested as permitted by…

A. All property tax payments shall be marked paid and recorded within 48 hours and must be deposited within 72 hours. B. Property tax receipts or copies of the tax bills marked paid are not required to be mailed to property taxpayers if payment of property taxes, penalties and in…

A. The treasurer shall distribute the receipts from property tax collections to each governmental unit. All interest and penalties collected shall be deposited in the county general fund without regard to the tax year for which it was paid, other than as an agent of the taxation …

A. In accordance with Section 7-38-51 NMSA 1978, any property tax delinquent more than thirty days as of June 30th of each year, the treasurer shall mail a notice of delinquency to the assessed owner and any person other than the owner to whom the tax bill on the property was sen…

Section 7-38-66 NMSA 1978 states the taxpayer must show proof of the following to prevent or invalidate a sale: A. All delinquent taxes, penalties, interest and costs had been paid prior to the date of sale shall prevent or invalidate the sale. The treasurers office must be in po…

A. When the property tax division collects delinquent taxes in total from the taxpayer under installment agreements or sale of property, the money, excluding interest, penalties and costs, will be remitted to the treasurer. When the money is received by the treasurer, the tax bil…

When taxes on omitted property are placed on tax schedules, tax bills mailed and money is received for payment of these taxes, the receipting and accounting of the money is the same as for other property taxes. For distribution purposes, all the monies received for taxes on omitt…

These rules and regulations shall apply to procedures to be followed by all county treasurers in the state of New Mexico.

A. Pursuant to Section 7-38-77.1 NMSA 1978, the department may order the treasurer to make changes in the property tax schedule in connection with any property listed on the schedule if the department determines that an error was made in the certification of tax rates. B. Upon su…

Pursuant to the national grasslands and land utilization project receipts for the Bankhead-Jones Farm Tenant Act, the county shall deposit these funds directly into the county road fund for the purpose of maintaining county roads or school bus routes, or both.

The local government division of the department of finance and administration promulgates the procedures for county treasurers, pursuant to the authority of NMSA 1978 Sections 6-6-2, 6-6-3, 7-35-6, 7-35-7 through 7-37-8, 7-38-32 through 7-38-38.1, 7-38-41 through 7-38-43, 7-38-63…

Permanent.

July 15, 1998, unless a different date is cited at the end of a section or paragraph.

The objective of Title 3, Chapter 6, Part 50 NMAC is to establish uniform procedures by which county treasurers implement portions of the Property Tax Code and prepare financial reports. The rule also provides procedures for suspension of a county treasurer by the department of f…

A. "Assessor" means a county assessor as defined by Sections 4-39-1 through 4-39-7 [repealed] NMSA 1978, as amended. B. "Board of finance" means a county board of finance. C. "Delinquent" refers to any payment of taxes that is not paid within thirty days of the date on which they…

A. Section 4-43-2 NMSA 1978 requires the treasurer to keep account of all moneys received and disbursed in the county; keep regular accounts of all warrants drawn on the treasurer and paid; and keep the books, papers and moneys pertaining to his office ready for inspection by the…