Current through Register Vol. 35, No. 18, September 24, 2024
A. As used in Parts
1 through 7 of Chapter 3.6 NMAC the following terms, which are not defined in
Section
7-35-2
NMSA 1978, are defined as follows unless limited by another section of Parts 1
through 7 of Chapter 3.6 NMAC:
(1) "Airline."
An airline is any business engaged in the transportation by aircraft of persons
or property on a regularly scheduled basis.
(2) "Capitalization rate." A capitalization
rate is either a market rate of return which shows the rate of return demanded
by those who invest in a particular business or an interest rate on borrowed
money or a combination of both rates. Acceptable methods of computing a
capitalization rate are the market comparison method and the band of investment
method. Either method may be used to determine a capitalization rate. The
department will approve variations of these methods provided the variations are
not inconsistent with generally accepted appraisal principles or
techniques.
(3) "Correlation."
Correlation is the final step in the appraisal process by which the evidences
of value derived are analyzed and a final value determined based on the
evidences of value as they relate to the subject property and to each other
and, considering the amount and reliability of the data collected as to each
evidence of value, the nature of the approach used to determine the evidence of
value and the relevancy of the approach used to determine the evidence of value
to the subject of the appraisal.
(4) "Microwave." A microwave is an
electromagnetic wave between 100 centimeters and one centimeter in
length.
(5) "Manufactured home." A
"manufactured home" is defined in the Motor Vehicle Code at Section
66-1-4.11
NMSA 1978 and that definition is applicable to the phrase "manufactured home"
as used in the Property Tax Code and Property Tax Code regulations.
(a) In determining the length of a
manufactured home, the tow bar is included in the length dimension. If the tow
bar has been removed, three (3) feet must be added to the length of the
manufactured home to obtain the correct length.
(b) A manufactured home is personal property
unless it is to be valued as real property in accordance with Subsection D of
Section 3.6.5.33 NMAC, in which case it is real property for property taxation
purposes.
(6) "Public
utility." A public utility means a public utility as defined in Section
62-3-3
NMSA 1978.
(7) "Railroad." A
railroad is an enterprise created and operated to transport on a fixed track
passengers and freight or passengers or freight for rates or tolls without
discrimination among those who demand transportation.
(8) "Trending." The term "trending" means the
adjustment of the original cost of property to reflect the present cost of the
same or similar property and is accomplished by the application of a factor
which reflects the economic inflation or deflation occurring during a given
period.
B. The phrase
"used in the conduct of the following businesses" or "used in the conduct of a
... business" includes all property which is involved in a business including,
but not limited to, property which is leased to or by the business, property
which is used even though the work or function facilitated by the property is
capable of being contracted to others and property which has a dual function
such as being used both in the particular business and an unrelated
business.
