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New Mexico Statutes Chapter 7. Taxation § 7-36-8. Tangible personal property exempt from property tax; exceptions

Current as of January 01, 2024 | Updated by FindLaw Staff

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) livestock;

(2) manufactured homes;

(3) aircraft not registered under the Aircraft Registration Act;  1

(4) private railroad cars, the earnings of which are not taxed under the provisions of the Railroad Car Company Tax Act;  2

(5) tangible personal property subject to valuation under Sections 7-36-22 through 7-36-25 and 7-36-27 through 7-36-32 NMSA 1978;

(6) vehicles not registered under the provisions of the Motor Vehicle Code  3 and for which the owner has claimed a deduction for depreciation for federal income tax purposes during any federal income taxable year occurring in whole or in part during the twelve months immediately preceding the first day of the property tax year; and

(7) other tangible personal property not specified in Paragraphs (1) through (6) of this subsection:

(a) that is used, produced, manufactured, held for sale, leased or maintained by a person for purposes of the person's profession, business or occupation; and

(b) for which the owner has claimed a deduction for depreciation for federal income tax purposes during any federal income taxable year occurring in whole or in part during the twelve months immediately preceding the first day of the property tax year.

1 NMSA 1978, § 64-4-1 et seq.
2 NMSA 1978, § 7-11-1 et seq.
3 NMSA 1978, § 66-1-1 et seq.
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Cite this article: FindLaw.com - New Mexico Statutes Chapter 7. Taxation § 7-36-8. Tangible personal property exempt from property tax; exceptions - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-7-taxation/nm-st-sect-7-36-8/

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