The CAB-05 Report of Personal Property lists all owned leased or rented personal property used in the respondent's operation or used in the conduct of the business in New Mexico. Personal property is tangible property that is not part of, or permanently fixed to, a building or structure. Personal property includes but is not limited to office furniture, machinery and equipment, machinery, equipment, supplies, materials and inventories used in the conduct of your business. Canned computer software is considered to be tangible property. Embedded software is considered to be a part of the machinery or equipment in which it resides. Custom software is considered to be intangible. Report only leased or rented property when the tax liability rests with the lessee.
Personal property inventories that are to be used to produce, manufacture or construct other property, which is then to be sold, are not exempt from property taxation. The following items, when not held by a person as a part of his inventory for sale or resale at wholesale, retail, or on consignment are not exempt from property taxation:
a) Construction materials held by a person engaged in the construction business.
b) Inventories held by a manufacturer for fabrication into manufactured products, and
c) Inventories held by persons engaged in performing services, which are consumed in the performance of the services. However, if the property is not "consumed" in the performance of the service, but is sold as a part of a service in its original form, that property is exempt.
Personal property, which is held by the taxpayer as a part of his inventory for sale or resale, at wholesale, retail or on consignment and is not depreciated for Federal Income Tax purposes, is exempt from property taxation.
Notes/Industry Specific Information
The assets listed on the form vary based on the filer category. For more information about filer asset classes view this article.
Use to report all materials, supplies, furniture, fixtures, machinery, equipment and all personal property used in the airline business. Materials and supplies are valued at 100% of cost.
Use to report all general and heavy construction equipment, and related assets. You must also report all vehicles that do not have a Current New Mexico License Plate that were in New Mexico for 20 days or more.
For telecommunication utilities reporting by FCC Accounts, use form CAB-5T. Use to report materials and supplies, central office equipment, large PBXs, all inventories of personal property that are used in the conduct of the business. Report vehicles that are not registered under the motor vehicle code of New Mexico and other personal property including, but not limited to, office furniture, office equipment, testing equipment, computers, machinery and equipment.
For electric utilities reporting by REA or FERC Accounts, use form CAB-5E. Use this form to report all materials, supplies and inventories of personal property that are used in the conduct of the business. Report vehicles that are not registered under the motor vehicle code of New Mexico and other personal property including, but not limited to, office furniture, office equipment, testing equipment, computers and machinery and equipment.
Office furniture, equipment, machinery, materials and supplies and other personal property. To determine the property value, multiply the factor from Percent Good Table 6, 10, 14, or 15 times the original cost. The property value of materials and supplies is 100% of the purchase price. All materials and supplies held or used by a mining operation are taxable. Machinery, equipment and other personal property used in the extraction of the mineral or minerals. All machinery, equipment and other personal property in the milling, crushing and other primary preparations of the mineral or minerals. Those operators who produce a finished or manufactured product are required to report the additional machinery, equipment and personal property used in the additional processes.
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.
Use to report all materials, supplies, inventories of personal property that are used in the conduct of the business, vehicles that are not registered under the motor vehicle code of New Mexico; other personal property including but not limited to: office furniture, office equipment, testing equipment, computers and machinery and equipment that is used in the operation of pipelines and gas utilities. Include also "Large Industrial Sales Meters" and tanks having an original cost in excess of $2,500.00 on CAB-05 Form. List the original cost and accumulated depreciation as they appear in the FPC,
FCC, I.C.C. or other report. Materials, supplies and inventories of personal property are valued at 100% of original cost.
To access the CAB-05 form, select the form group at the bottom of your homepage. Once on the form group page, select the CAB-05 Form.
Selecting the CAB-05 Summary record in the Form Group table will take the user to the Summary of Personal Property Summary Index page. The index page is the location where all assets can be viewed, assets can be added, edited and removed. The page also contains the functions to complete your individual filing and launch the available reports.
To add a new asset, select the blue “Add” button at the top left of the table. The user will be taken to the Add Asset page which will allow information to be entered per asset. Note that the required fields are marked with a red asterisk. Once the required data is entered, select the blue next button.
- District: Combination of County and Tax District
- Type: Available asset types per filer type (per IRS publication 946)
- Description: User entered description of asst
- Purchase Date: Original purchase date of asset
- Original Cost: Original cost of asset
For assets that require a location, the user must provide at least one of the location information sections to constitute a valid filing. The location information sections are:
- PLSS Information: The PLSS Section, Township, Range and Survey (option)
- Subdivision: The subdivision name and lot number for parcels in subdivided areas
- Latitude and Longitude: The x and y location of the asset or parcel centroid
- County Parcel Identification: The UPC and Account number (RNumber, Owner Number) of the parcel or parcel where the asset is located
- Situs Address: The street address where asset is located (or of the parcel)
Note that for each location section, all required fields must be provided. If you are unable to locate your property, select the checkbox at the top of the page (this will disable the location requirements). Once the required data is entered, select the blue next button.
If an asset is leased, please enter the name and contact information of the property owner in the Contact form. If the property is owned by the rendition filer, select the checkbox (Contact is same as the Rendition Filer) which will disable the requirement to complete the section. Select the blue next button to complete the Add Asset process (user will be returned to the CAB-05 Index).
To edit an asset, select the record in the CAB-05 Index page table. The user will be taken to the Edit Asset page which contains four tabs: (1) Valuation, (2) Location, (3) Contact, (4) History.
Edit Asset - Valuation
The edit asset-valuation page tab contains the information that is being used to calculate the property value. Note that all fields on the page can be edited except for the Property Value field (which is calculated).
Edit Asset - Location
The edit asset-location tab contains the location information that was entered for the asset. The user can edit the information entered, or provide additional information.
Edit Asset - Contact
The edit asset-contact tab contains the information that was entered for the asset property owner. The user can edit the information entered or provide additional information.
Edit Asset - History
The edit asset-history tab contains the history of submissions and values for the asset. There is no information to edit in this interface.
To delete an asset from the CAB-05 index, select the record in the record table (if not already selected). On the bottom left-hand corner of the edit asset-valuation tab is a red Delete button. Selecting the button will trigger a modal window to confirm the deletion.
Completing a filing indicates that it is ready for submission (which is completed through the certification task). Once all forms within a form group are marked complete, the form group can be submitted. To complete a filing, select the white and blue Complete button. A modal window will appear to confirm your action. Selecting yes will mark the form complete, selecting no will return you to the form.