New Mexico Administrative Code
Title 3 - TAXATION
Chapter 13 - BUSINESS TAX CREDITS
Part 20 - LAND CONSERVATION INCENTIVES TAX CREDIT
Section 3.13.20.11 - CERTIFICATION OF ELIGIBILITY APPLICATION REVIEW PROCESS AND CERTIFICATION OF ELIGIBLE DONATION
Universal Citation: 3 NM Admin Code 3.13.20.11
Current through Register Vol. 35, No. 18, September 24, 2024
A. Authority to review. The secretary reviews certification of eligibility applications.
B. Appraisal review. Upon receiving the certification of eligibility application, the secretary requests that the taxation and revenue department review the appraisal and forwards the appraisal to the appraisal bureau for review. The appraisal bureau shall review the appraisal and advise the secretary whether the appraisal meets the requirements of 3.13.20 NMAC including whether the appraisal complies with the uniform standards of professional appraisal practice and whether the appraiser used proper methodology and reached a reasonable conclusion concerning value.
(1) If the appraisal bureau
determines that the appraisal meets the requirements of 3.13.20 NMAC including
whether the appraisal complies with the uniform standards of professional
appraisal practice and the appraiser used proper methodology and reached a
reasonable conclusion concerning value the appraisal bureau shall issue a final
review of the appraisal to the energy, minerals and natural resources
department.
(2) If the appraisal
bureau determines the appraisal does not meet the requirements of 3.13.20 NMAC,
the uniform standards of professional appraisal practice or the appraiser did
not use proper methodology or reach a reasonable conclusion concerning value
the appraisal bureau shall send a preliminary review of the appraisal to the
energy, minerals and natural resources department identifying the reasons for
the appraisal bureau's determination.
(3) The appraisal bureau's review does not
preclude further audit by the taxation and revenue department or the United
States internal revenue service.
C. Rejection of certification of eligibility applications. The secretary shall reject a certification of eligibility application if:
(1) the certification of
eligibility application is incomplete or incorrect;
(2) since the applicant submitted and
received approval of the assessment application or pursuant to Subsection F of
3.13.20.9 NMAC changes to the
assessment application, the applicant changed the
(a) donation or proposed donation or donation
assessment report, and the changes consist of more than increasing the acreage
of the donation or decreasing the size of or removing a building envelope,
or
(b) public or private
conservation agency to which the applicant conveyed or planned to convey the
donation;
(3) the
donation does not meet the requirements of
3.13.20.8 NMAC or
3.13.20.10 NMAC;
(4) the completed conservation easement or
deed does not accurately reflect the donation the applicant described in the
applicant's assessment application; or
(5) the appraisal bureau provides a final
unfavorable recommendation of the appraisal.
D. Notice of cause to reject. If the secretary determines that there is cause to reject the certification of eligibility application, the secretary shall issue notice to the applicant pursuant to 3.13.20.12 NMAC.
E. Resubmittal of rejected certification of eligibility applications.
(1) If the
secretary rejects the certification of eligibility application because the
certification of eligibility application was incomplete or incorrect; does not
meet the requirements of
3.13.20.8 NMAC or
3.13.20.10 NMAC; the filed
conservation easement or deed does not accurately reflect the donation the
applicant described in the applicant's assessment application; or the appraisal
bureau provides a final unfavorable recommendation of the appraisal, the
applicant may resubmit the application package for the rejected certification
of eligibility application with the complete or correct information or
additional information addressing the requirements the donation does not meet.
The secretary shall place the resubmitted certification of eligibility
application in the review schedule as if it were a new certification of
eligibility application.
(2) The
applicant shall submit a new assessment application pursuant to
3.13.20.8 NMAC, if the secretary
rejects the certification of eligibility application because the applicant
changed the
(a) donation or proposed donation
or donation assessment report, and the changes consist of more than increasing
the acreage of the donation or decreasing the size of or removing a building
envelope, or
(b) the public or
private conservation agency to which the applicant conveyed or planned to
convey the donation since the applicant submitted the assessment
application.
F. Approval of certification of eligibility applications.
(1) The secretary approves the certification
of eligibility application if the secretary finds:
(a) the donation of land or interest in land
meets the requirements of
3.13.20.8 NMAC or
3.13.20.10 NMAC;
(b) the secretary issued a favorable finding
on the applicant's assessment application and the applicant has not changed the
donation or proposed donation, donation assessment report or the public or
private conservation agency to which the applicant conveyed or planned to
convey the donation since the applicant submitted the assessment
application;
(c) the completed
conservation easement or deed accurately reflects the donation the applicant
described in the applicant's assessment application; the donation does not
adversely affect contiguous landowners' property rights; and
(d) the appraisal meets the requirements of
3.13.20 NMAC including compliance with the uniform standards of professional
appraisal practice and the appraiser used proper methodology and reached a
reasonable conclusion concerning value.
(2) The secretary's approval is given by the
issuance of a letter to the applicant. This letter shall certify the donation
of land or interest in land includes the conveyance in perpetuity, on or after
January 1, 2004, for a conservation or preservation purpose of a fee interest
in land or a less-than-fee interest in land that meets the requirements of the
Land Conservation Incentives Act; Sections
7-2-18.10 or
7-2A-8.9 NMSA 1978; and 3.13.20
NMAC, and include a calculation of the maximum amount of the land conservation
incentives tax credit for which each taxpayer is eligible.
Disclaimer: These regulations may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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