New Mexico Administrative Code
Title 3 - TAXATION
Chapter 6 - PROPERTY TAXES
Part 7 - ADMINISTRATIVE PROVISIONS
Section 3.6.7.77 - INSTALLMENT AGREEMENTS
Current through Register Vol. 35, No. 18, September 24, 2024
A. CIRCUMSTANCES JUSTIFYING AN INSTALLMENT AGREEMENT: Installment agreements shall not be entered into if the taxpayer can obtain funds from any source to pay the liability, unless approval in writing by the director is obtained and such approval is supported by a written statement of circumstances justifying the installment agreement. To obtain an installment agreement, a taxpayer is required to provide a balance sheet and income statement on forms furnished by the division. Statements submitted by a licensed accountant containing the same information may be accepted in lieu of the division forms. Any such forms or statements must, unless waived in writing by the director, contain the following statement signed by the taxpayer or the taxpayer's agent: "Taxpayer is unable to obtain funds from any source with which to pay currently all the delinquent taxes proposed to be covered by the installment agreement. Under the penalties of perjury, I swear or affirm that the information contained herein and in the attached statement is true and correct as to every material matter."
B. MINIMUM DOWN PAYMENT FOR INSTALLMENT AGREEMENTS: No installment agreement proposal shall be entered into for the division that involves a down payment of less than twenty (20) percent of all delinquent property taxes, penalties, interest and costs due, unless approval in writing by the director is obtained and such approval is supported by a written statement of the circumstances justifying a lesser down payment.
C. TERMS OF INSTALLMENT AGREEMENTS: Although an installment agreement may extend for a period of thirty-six (36) months, each installment agreement will cover the minimum period in which a taxpayer may reasonably liquidate the liability and shall provide for payment in equal monthly installments, unless approval in writing by the director is obtained and such approval is supported by a written statement of the circumstances justifying payment in other than equal monthly installments.
