The value of commercial aircraft is determined according to the special method of valuation described in Section 7-36-32 NMSA 1978.
The forms listed below must be completed for your rendition:
- Generic CAB Forms
- Industry CAB Forms
- CAB-A12: Report of Aircraft Property
The following attachments are required for your rendition:
- Commercial Aircraft Worksheet: Use this worksheet and the flight schedules in effect for June and October of the latest calendar year to compute flight and ground time in New Mexico. DO NOT INCLUDE NEW MEXICO FLY-OVER MILES IN THE NUMERATOR AND THE DENOMINATOR WHEN CALCULATING THE AVERAGE ANNUAL FLIGHT TIME. Use a separate schedule for each type of aircraft or fleet that operated in New Mexico during the prior calendar year.
FAILURE TO PROVIDE THE ABOVE information shall be considered to be a failure to comply
with Section 7-38-8 NMSA 1978 and applicable penalties will apply.