Chapter 7 — Chapter 7

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 …

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 commerci…

classification of property for property taxation purposes; county assessor and department. A. The county assessor is responsible and has the authority for the valuation of all property subject to valuation for property taxation purposes in the county except the property specified…

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 sha…

agricultural purposes. A. The value of land used primarily for agricultural purposes shall be determined on the basis of the land's capacity to produce agricultural products. Evidence of bona fide primary agricultural use of land for the tax year preceding the year for which dete…

A. All livestock located in the state on January 1 of the tax year shall be valued for property taxation purposes as of January 1. B. All livestock not located in the state on January 1 but brought into the state and located there for more than twenty days subsequent to January 1…

ANNOTATIONS Repeals. — Laws 1985 (1st S.S.), ch. 12, § 2 repealed 7-36-21.1, as enacted by Laws 1981, ch. 37, § 64, relating to the special method of valuation for residential property, effective January 1, 1986.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 resi…

property. A. Residential property shall be valued at its current and correct value in accordance with the provisions of the Property Tax Code; provided that for the 2001 and subsequent tax years, the value of a property in any tax year shall not exceed the higher of one hundred t…

dwellings occupied by low-income owners who are sixty-five years of age or older or disabled; requirements; penalties. A. The valuation for property taxation purposes of a single-family dwelling owned and occupied by a person who is sixty-five years of age or older or disabled an…

valuation purposes. As used in this article, "mineral property" does not include oil and gas property or productive copper mineral property and means: A. "class one productive mineral property", which means mineral lands, all mineral reserves and interests in minerals in mineral …

used in connection with mineral property; exception for potash and uranium mineral property and property used in connection with potash and uranium mineral property. A. The provisions of this section apply to the valuation of all mineral property and property used in connection w…

used in connection with mineral property when the primary production from the mineral property is potash. A. The provisions of this section apply to valuation of all mineral property and property used in connection with mineral property when the primary production from the minera…

used in connection with mineral property when the primary production from the mineral property is uranium. A. The provisions of this section apply to the valuation of all mineral property and property used in connection with mineral property when the primary production from the m…

A. The owner of a manufactured home subject to valuation for property taxation purposes shall report the manufactured home annually for valuation to the county assessor of the county in which the manufactured home is located on January 1. The report shall be in a form and contain…

and plants used in the processing, gathering, transmission, storage, measurement or distribution of oil, natural gas, carbon dioxide or liquid hydrocarbons. A. All pipelines, tanks, sales meters and plants used in the processing, gathering, transmission, storage, measurement or d…

systems, meters, plants and hydrants used in the collection, transmission, storage, treatment, discharge, measurement or distribution of water or wastewater. A. Except as provided in Subsection F [G] of this section, all pipelines, tanks, meters, lift stations, treatment faciliti…

generation, transmission or distribution of electric power or energy. A. All property used for the generation, transmission or distribution of electric power or energy subject to valuation for property taxation purposes shall be valued in accordance with the provisions of this se…

development bond and regional air center special economic district bond project property; health-related equipment; tax status. A. Property interests of a lessee in project property held under a lease from a county or a municipality under authority of an industrial revenue bond o…

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 provi…

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…

communications system. A. All property that is part of a communications system and is subject to valuation for property taxation purposes shall be valued in accordance with the provisions of this section. B. As used in this section: (1) "communications system" means a system for …

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 …

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 fol…

commercial personal property. A. The following kinds of property shall be valued for property taxation purposes in accordance with the provisions of this section; (1) all property used in connection with mineral property and defined in Paragraph (1) of Subsection B of Section 7-3…

valuation of fractional interests. A. As used in this section: (1) "fractional interest" means a tangible interest in real property, except for mineral property as defined in Section 7-36-22 NMSA 1978, that is less than the total of the interests existing in the property, but "fr…

ANNOTATIONS Repeals. — 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.c…

ANNOTATIONS Repeals. — 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.co…

purposes. A. Except for the property listed in Subsection B of this section or exempt pursuant to Section 7-36-8 NMSA 1978, all property is subject to valuation for property taxation purposes under the Property Tax Code if it has a taxable situs in the state. B. The following pro…

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) li…

ANNOTATIONS Repeals. — 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…

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 authorize…

A tax is imposed upon all property subject to valuation for property taxation purposes under Article 36 of Chapter 7 NMSA 1978. The tax shall be imposed at the rates authorized and in the manner and for the purposes specified in this article. History: 1953 Comp., § 72-30-2, enact…

The tax ratio is thirty-three and one-third percent. History: 1953 Comp., § 72-30-3, enacted by Laws 1973, ch. 258, § 36.

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 …

A. An amount as provided in Subsection B of this section of the taxable value of property, including the community or joint property of married individuals, subject to the tax is exempt from the imposition of the tax if the property is owned by a veteran or the veteran's unmarrie…

A. As used in this section: (1) "disabled veteran" means an individual who: (a) has been honorably discharged from membership in the armed forces of the United States or has received a discharge certificate from a branch of the armed forces of the United States for civilian servi…

ANNOTATIONS Compiler'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 ef…

The property of a veterans' organization chartered by the United States congress and that is used primarily for the benefit of veterans and their families is exempt from property taxation. The exemption provided by this section may be referred to as the "veterans' organization ex…

special benefit assessment. A. Property owned by a disabled veteran, including joint or community property of the veteran and the veteran's spouse, is exempt from the imposition of a special benefit assessment if the property is occupied by the disabled veteran as the veteran's p…

entitlement to tax. A. The rate of the tax is cumulative and shall be determined for application against any property in a tax year by adding all of the rates authorized by this article and set by the department of finance and administration for the use of the governmental units …

A. The tax rates specified in Subsection B of this section are the maximum rates that may be set by the department of finance and administration for the use of the stated governmental units for the purposes stated in that subsection. The tax rates set for residential property for…

A. Except as provided in Subsections D and E of this section, in setting the general property tax rates for residential and nonresidential property authorized in Subsection B of Section 7-37-7 NMSA 1978, the other rates and impositions authorized in Paragraphs (2) and (3) of Subs…

No later than August 15 of each year, the state department of public education shall submit to the secretary of finance and administration the property tax rates for the succeeding tax year for each school district and the commission on higher education [higher education departme…

This article applies to the administration and enforcement of all taxes imposed under the Property Tax Code. History: 1953 Comp., § 72-31-1, enacted by Laws 1973, ch. 258, § 41.

description of real property regulations by departmental installation of required system; reimbursement by county of costs incurred. Whenever the director determines that it is necessary to insure compliance with departmental regulations relating to comprehensive mapping or geogr…

If property is reported for valuation for property taxation purposes in a county different from the county in which it is required to be reported by law and the regulations of the department, the county assessor to whom the erroneous report is made shall send a copy of the report…

assessor; penalty for violation. A. Whenever a deed or real estate contract transferring an interest in real property is received by a county clerk for recording, a copy of the deed or real estate contract shall be given to the county assessor by the clerk. B. A county clerk who …

assessor. A. After January 1, 2004, a transferor or the transferor's authorized agent or a transferee or the transferee's authorized agent presenting for recording with a county clerk a deed, real estate contract or memorandum of real estate contract transferring an interest in r…

A. A person who intentionally refuses to make a required report within the time period specified under the provisions of Section 7-38-12.1 NMSA 1978 or who knowingly makes a false statement on an affidavit required under the provisions of Section 7-38-12.1 NMSA 1978 is guilty of …

valuation. A. No later than the last day of February of a tax year, any owner of property subject to valuation by the county assessor who believes that the value of his property has decreased in the previous tax year may file with the county assessor a signed statement describing…