Current through Register Vol. 35, No. 6, March 26, 2024
A.
ANNUAL
REPORT TO THE DIVISION - FORM AND REQUIRED INFORMATION:
(1) The report required by Subsection A of
Section
7-38-8
NMSA 1978 shall be made by the owner of the property or any other person who
has written authorization from the owner to make the report on behalf of the
owner.
(2) In the case of mineral
property valued pursuant to Sections
7-36-23
through
7-36-25
NMSA 1978, the operator of the mineral property may be required to report the
property rather than the owner of the property.
(3) The report shall be made on a form or
forms approved by the division and shall contain all information required by
the division to determine:
(a) the value of
the property pursuant to the Property Tax Code and these regulations;
(b) the identification of the property;
and
(c) the owner or person in
possession of the property.
(4) The form may require the attachment of
copies of reports made to other agencies or departments of the state of New
Mexico or agencies or departments of the United States.
(5) Additionally, all railroad companies
shall submit, on a yearly basis, a report of operations for the preceding year
containing the following information:
(a)
copies of all New Mexico right-of-way maps;
(b) complete legal description of all land
parcels which are located in New Mexico, along with plats, if available;
and
(c) a statement setting forth,
by individual counties, the total acreage of New Mexico real property and right
of way.
B.
PROPERTY NOT VALUED IN THE TAX YEAR WHICH AGAIN BECOMES SUBJECT TO
VALUATION - REPORT: The report required under Subsection B of Section
7-38-8
NMSA 1978 shall include:
(1) the property
owner's name and address;
(2) the
description of the property valued such that, if the description were included
in a deed to the property, title would pass;
(3) the description of any improvements on
the property;
(4) the cost of the
land, as evidenced by the most recent sale of the land, and the date of
sale;
(5) the cost of the
improvements, as evidenced by the most recent sale of the improvements, and the
date of sale;
(6) the dates and
reason for which the property was not previously subject to valuation;
and
(7) the date and reason for
which the property again became subject to valuation.
C.
REPORTS TO COUNTY ASSESSOR:
(1) Reports required under Subsection E of
Section
7-38-8
NMSA 1978 shall be made either by the owner of the real or personal property or
by any other person having written authorization from the owner to report on
behalf of the owner.
(2) When
reporting property subject to valuation to the county assessor for property tax
purposes, the report of or on behalf of the owner shall include, in the case of
real property, both a complete legal description of the property and the
improvements made to that property and, in the case of personal property, a
description of both the personal property and its location sufficient to
identify its site and the proper taxing jurisdictions.
(3) A report shall be made on a form or forms
approved by the department and shall contain all information required by the
department or the county assessor to:
(a)
determine the value of the property pursuant to the Property Tax Code and Parts
1 through 7 of Chapter 3.6 NMAC;
(b) identify the property and its
location;
(c) identify the owner or
person in possession of the property.
(4) A form may require the attachment of
copies of reports made to the department, other agencies of the state of New
Mexico or to agencies, departments or instrumentalities of the United
States.
D.
FORM OF
STATEMENT OF IMPROVEMENTS: The statement of improvements required by
Subsection C of Section
7-38-8
NMSA 1978 must be on a standard preprinted form, prepared and paid for by the
county assessor and in form and content prescribed by the director. The
standard preprinted form shall be mailed to each person to whom the notice of
value is mailed pursuant to Subsection A of Section
7-38-20
NMSA 1978 at the time of the mailing of the notice of value. Any form other
than the standard form prescribed by the director and any method of making the
form available to property owners other than the method directed by this
subsection will be used only after submitting the form, and the method, in
writing to the director and receiving written approval from the director for
the use of such form and method.
E.
LEASED PROPERTY. Property leased under a true lease is to be
reported by the owner/lessor of the property. When the form of the document is
that of a lease but the transaction is in substance a conditional sale or the
document serves primarily to secure a lender's interest in the property, the
property shall be reported by the lessee.
