Business Personal Property

The Assessor is required by State law to assess business equipment. Tangible personal property is property "that is used, produced, manufactured, held for sale, leased or maintained by a person for purpose of the person's profession, business or occupation; and for which the owner has claimed a deduction for depreciation for federal income tax purposes during any federal income taxable year occurring in whole or in part during the twelve months immediately preceding the first day of the property tax year" (NMSA 7-36-8), and is not permanently affixed to, or part of real estate. Please note that if a taxpayer is not reporting for federal tax income purposes, but should be, the fact that he/she is not claiming a deduction for depreciation for federal tax purposes does not dismiss him/her from property tax responsibilities. A 5% penalty may be applied if personal property reporting is not completed by the end of February.

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