What type of personal property is exempt from taxation?

Inventories that are for sale or resale at wholesale, retail or consignment, leasehold improvements, motor vehicles that are registered under the Provisions of the Motor Vehicle Code (except for manufactured homes), and aircraft registered under the Aircraft Registration Act, act. (NMSA 7-36- 8).

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1. When must business personal property be reported?
2. What types of items should be reported?
3. What type of personal property is exempt from taxation?