Property Valuation Day
All property subject to valuation for property taxation purposes shall be valued as of January 1 of each tax year. Livestock and Construction and Drilling Contractors equipment shall be valued as of the date and in the manner prescribed under Sections 7-36-21 NMSA 1978, Special Method of Valuation; Livestock and 7-36-33 NMSA 1978, Special Method of Valuation; Certain industrial and commercial personal property.
Who Must File?
All property used in the conduct of the following businesses are required to be reported to the State Assessed
Property Bureau:
1. Railroad
2. Telecommunications
3. Pipeline
4. Public Utility
5. Airline
6. Electric generating plants, whether or not owned by a public utility, if all or part of the electricity is
generated for ultimate sale to the consuming public.
7. Mineral property and property held or used in connection with mineral property as defined in Section 7-36-
22 through 7-36-25 NMSA 1978.
8. Machinery, equipment and other personal property of all resident and nonresident persons customarily
engaged in "construction" that involves the use, during a tax year, of the machinery, equipment and other
personal property in more than one county.
All manufactured (mobile) homes are to be reported to the county assessor of the county where they are located.
DO NOT REPORT ANY MANUFACTURED HOMES TO THE STATE ASSESSED PROPERTY BUREAU.
When Do I need to File?
Reports must be filed on or before the last day of February of the tax year. If an extension of time for filing a
report is granted, the time for filing of the report shall be postponed for a maximum of thirty (30) days. When a
report is mailed, the postmark shall be the date used for purposes of computing penalty. If the last day for filing
the report falls on Saturday, Sunday or a legal state or national holiday, filing is timely if performed on the next
workday. If mail is received without a postmark, it will be considered to have been postmarked five (5) days
before receipt.
How Do I File?
PTD uses an electronic filing system to manage the filing and processing of filer renditions. Users who do not currently have an account with PTD to file electronically can fill out the form located here: <<E-FILE CREDENTIAL FORM>>
If you have an account for the e-file system, please click here to access it: <<SAEF PROD LINK>>
If you feel you are unable to file electronically, you must contact the State Assessed Bureau to discuss other options that are available. The contact information for the bureau can be located here: <<CONTACT INFORMATION LINK>>
Persons Preparing the Report
Reports are to be prepared by the owner of the property or the lessee of the property used in the conduct
of business. Authorized agents who have filed previous written authorization with the Department may
also prepare reports.
Records Maintenance
Every reporting entity shall maintain maps, books, and accounts of all property subject to assessment in a
manner that will permit accurate valuation and location as of January 1 of the tax year.
Reporting requirements are per New Mexico statutes and regulations. All reports must include the
following specific breakdowns:
1) Listing of all property (real and personal) located in the State of New Mexico on January 1 of the
tax year.
2) The exact specific location of such property by:
a) County
b) School District
c) Municipality
d) Special Districts
Contact State Assessed Property Bureau for assistance on School Districts.
Penalties
Any person who fails to timely file a required report, a complete report, or requested supporting data, is
liable for a civil penalty. The civil penalty is an amount equal to five percent (5%) of the property taxes
ultimately determined to be due for the tax year or years for which the required report or data was not
filed.
Any person who fails to file a required report or requested supporting data with the intent to evade any
tax, or who fails to make a required report with the intent to evade any tax, is liable for a civil penalty.
The civil penalty is an amount equal to twenty-five percent (25%) of the property taxes ultimately
determined to be due for the tax year or years for which the required report was not filed. Any person
who intentionally refuses to file a required report or who knowingly makes a false statement in a required
report is guilty of a misdemeanor and shall be punished by the imposition of a fine of not more than one
thousand dollars ($1,000).
The civil penalties authorized shall be imposed and collected at the time and in the manner that the tax is
imposed and collected in order to assist in the imposition and collection of the penalties. The person
having responsibility for determining the value of the property shall make an entry in the valuation
records indicating the liability for any penalties due per Section 7-38-8, Subsections F through I, NMSA
1978.
Definitions
1. "Construction" means leveling or clearing land, excavating earth, drilling wells of any type, including
seismograph shot holes, core drilling or similar work, or building, altering, repairing or demolishing
any:
a. Road, highway, bridge, parking area or related project;
b. Building, fence, stadium or other structure;
c. Airport, subway or similar facility;
d. Park, trail, athletic field, golf course or similar facility;
e. Dam, reservoir, canal, ditch or similar facility;
f. Sewerage or water treatment facility, power generating plant, pump station, natural gas
compressing station or similar facility;
g. Sewerage, water, gas or other pipeline;
h. Transmission line;
i. Radio, television or other tower;
j. Water, oil or other storage tank;
k. Shaft, tunnel or other mining appurtenance; or
l. Similar work.
2. "Taxable Value" means that value of property determined by applying the tax ratio to the value of the property for property taxation purposes. The tax ratio is thirty-three and one-third percent (33-1/3%). The value of property for property taxation purposes is referred to as full value or property value in these forms. The tax ratio shall be applied to the full value or property value by dividing that value by three (3). The quotient resulting from that division is termed the taxable value of the property.
3. "Manufactured home" (mobile home) means a structure that exceeds either a width of eight feet or a length of forty feet when equipped for the road. (Section 66-1-4 NMSA 1978).
4. “Depreciation” means a reasonable allowance for the exhaustion, wear and tear and obsolescence of property actually used in the activities prescribed in Property Tax Statutes. “Depreciation” means straight-line over the useful life of the item of property. Line over the useful.
5. “Other justifiable factors” include, but is not limited to functional and economic obsolescence.
6. “Functional Obsolescence” is the loss in value due to functional inadequacies or deficiencies caused by factors within the property.
7. “Economic Obsolescence” is the loss in value caused by unfavorable economic influences or factors outside the property.
Requests for Functional/Economic Obsolescence
1. Must be made at the time the annual report is filed.
2. Must be based on a situation present at least six (6) months prior to January 1 of the tax year and expected to continue indefinitely.
3. Must be supported with sufficient documentation to demonstrate how the factor was arrived and how it applies to the property for which obsolescence is claimed.
4. Must be based on objective evidence.