Laws Lawyers Find Laws Legal Forms State Laws Bills

NEW MEXICO STATUTES AND CODES

Section 7-36-8 - Tangible personal property exempt from property tax; exceptions.

Listen
7-36-8. Tangible personal property exempt from property tax; 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 [Articles 35 to 38 of Chapter 7 NMSA 1978]:(1) livestock;(2) manufactured homes;(3) aircraft not registered under the Aircraft Registration Act [64-4-1 NMSA 1978];(4) private railroad cars, the earnings of which are not taxed under the provisions of the Railroad Car Company Tax Act [7-11-1 NMSA 1978];(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 [66-1-1 NMSA 1978] 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.
Loading...
  • Play
  • Pause
  • Volume:
  • Mute
  • Half
  • Max
  • 7-36-8. Tangible personal property exempt from property tax; 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 [Articles 35 to 38 of Chapter 7 NMSA 1978]:   

    (1)     livestock;   

    (2)     manufactured homes;   

    (3)     aircraft not registered under the Aircraft Registration Act [64-4-1 NMSA 1978];   

    (4)     private railroad cars, the earnings of which are not taxed under the provisions of the Railroad Car Company Tax Act [7-11-1 NMSA 1978];   

    (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 [66-1-1 NMSA 1978] 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.   

    New Mexico Law

    New Mexico State Laws
        > New Mexico Child Support
        > New Mexico Gun Laws
        > New Mexico Statutes
    New Mexico Tax
        > New Mexico State Tax
    New Mexico Labor Laws
        > New Mexico Unemployment
    New Mexico Agencies
        > New Mexico DMV
        > New Mexico Taxation and Revenue

    New Mexico Court Map

    Tips