New Mexico Administrative Code
Title 3 - TAXATION
Chapter 5 - UNIFORM DIVISION OF INCOME FOR TAX PURPOSES
Part 13 - DETERMINATION OF AVERAGE VALUE OF PROPERTY FOR INCLUSION IN PROPERTY FACTOR
Section 3.5.13.8 - PROPERTY FACTOR - AVERAGING PROPERTY VALUES

Universal Citation: 3 NM Admin Code 3.5.13.8

Current through Register Vol. 35, No. 18, September 24, 2024

A. As a general rule, the average value of property owned by the taxpayer shall be determined by averaging the values at the beginning and ending of the tax period. However, the department may require or allow averaging by monthly values if such method of averaging is required to properly reflect the average value of the taxpayer's property for the tax period.

B. Averaging by monthly values will generally be applied if substantial fluctuations in the value of the property exist during the tax period or where property is acquired after the beginning of the tax period or disposed of before the end of the tax period.

C. Averaging with respect to rented property is achieved automatically by the method of determining the net annual rental rate of such property as set forth in Section 3.5.12.9 NMAC.

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