New Mexico Administrative Code
Title 3 - TAXATION
Chapter 6 - PROPERTY TAXES
Part 7 - ADMINISTRATIVE PROVISIONS
Section 3.6.7.85 - PROPERTY SUBJECT TO TAXATION BUT OMITTED FROM PROPERTY TAX SCHEDULES IN PRIOR YEARS

Universal Citation: 3 NM Admin Code 3.6.7.85

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

A. VALUATION OF OMITTED PROPERTY: Omitted property shall be valued, on its discovery, at its value on January 1 of each tax year or years for which it was omitted from property tax schedules.

B. OWNERSHIP OF OMITTED PROPERTY: Omitted property, real or personal, shall be valued, listed and the taxes on it collected pursuant to Section 7-38-76 NMSA 1978, regardless of whether or not it is owned or possessed by the same person as was the owner or person in possession thereof at the time of the omission.

C. OMITTED PROPERTY - STATUTE OF LIMITATIONS: Subsection B of Section 7-38-81 NMSA 1978 provides: "property that has not been included on a property tax schedule may not be subjected to the imposition of property taxes for more than ten (10) tax years immediately preceding the date of its entry on the property tax schedule". This applies to all property subject to the property tax, meaning all tangible property, real or personal.

D. OMITTED PROPERTY - PENALTY AND INTEREST: Omitted property is subject to penalty and interest pursuant to Sections 7-38-49 and 7-38-50 NMSA 1978 only from thirty (30) days after the date the property tax bill on the omitted property is mailed because that is the date all taxes for prior years on omitted property are due.

E. OMITTED PROPERTY - PENALTY: Omitted property shall be treated like property the owner of which has failed to make a required report thereof. The person who did not make the report shall be subject to the applicable penalty.

F. OMITTED PROPERTY - PROCEDURE AFTER VALUATION AND LISTING: If property was omitted from property tax schedules for a prior tax year, then the tax rate for the prior year in the governmental unit where the property was located shall be applied. Property tax bills shall be prepared and mailed by the county treasurers within thirty (30) days of the date the property is listed on the property tax schedule, and all taxes for prior years on omitted property shall be due the date the property tax bill is mailed.

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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