N.M. Admin. Code § 3.6.5.33

Current through Register Vol. 35, No. 23, December 10, 2024

Section 3.6.5.33 - SPECIAL METHOD OF VALUATION - MANUFACTURED HOMES

A.MANUFACTURED HOMES - REPORTING FORM:

(1) The information specified below is required to be furnished by manufactured home owners in reporting manufactured homes pursuant to Section 7-36-26 NMSA 1978:

(a) owner's name and mailing address;

(b) location of manufactured home, including the county and school district;

(c) name of the manufacturer;

(d) model, year and serial number of the manufacturer;

(e) size and number of axles of manufactured home;

(f) state registration number;

(g) number, if any, assigned for property tax purposes;

(h) date of purchase;

(i) price paid;

(j) whether the manufactured home acquired was new or used;

(k) whether the manufactured home is occupied by the owner or a tenant;

(l) if rented, the amount of the monthly rent.

(2) The report must by signed by the owner or the owner's authorized representative. Forms containing this information and approved by the director may be used.

B.MANUFACTURED HOMES - VALUATION METHOD: The phrase "initial costs" refers to the fair market value at the time of acquisition of a used manufactured home or the acquisition cost of a new manufactured home. Manufactured homes are classified and valued in accordance with the division's most current manufactured home valuation manual or any generally accepted appraisal method or technique approved by the director.

C.MANUFACTURED HOMES - VALUATION FOR PURPOSES OF MOVEMENT PERMITS: If certificates are requested pursuant to Subsection G of Section 66-7-413 NMSA 1978 for the current tax year and if tax rates have not yet been set or tax bills have not yet been mailed, assessors shall proceed pursuant to Section 7-38-44 NMSA 1978. If tax rates have not been set, payment of taxes determined on the basis of the prior year's tax rates constitutes full payment of the taxes on the manufactured home for the current tax year.

D.MANUFACTURED HOMES - WHEN VALUED AS REAL PROPERTY

(1) A manufactured home becomes a housing structure that is to be valued and taxed for property taxation purposes as real property when:

(a) the valuation authority has received a request from the owner of a manufactured home that it be taxed as real property;

(b) the tongue and axle have been removed from the manufactured home and the manufactured home has been affixed to a permanent foundation in accordance with Part 14.12.2 NMAC;

(c) the owner of the manufactured home owns the real estate to which the manufactured home has been affixed; and

(d) title to the manufactured home, issued pursuant to the provisions of the Motor Vehicle Code, is deactivated in accordance with Section 18.19.3.16 NMAC and evidence of the deactivation has been provided to the valuation authority.

(2) A housing structure described in Paragraph (1) of this subsection is to be valued in accordance with the applicable provisions of the Property Tax Code and regulation and instructions of the department for valuing real property and not in accordance with the special method of valuation provided in Section 7-36-26 NMSA 1978. If the title to the housing structure as a manufactured home is reactivated in accordance with Section 18.19.3.18 NMAC and not subsequently deactivated by the time property is to be valued for property taxation purposes, the housing structure shall be valued in accordance with the special method of valuation provided in Section 7-36-26 NMSA 1978.

(3) For the first property tax year in which the housing structure is to be valued as real property at a site, the owner must report to the valuation authority the information required to be reported by Subsection A of Section 3.6.5.33 NMAC.

(4) Subsection D of Section 3.6.5.33 NMAC is applicable to valuations made on or after January 1, 1998.

N.M. Admin. Code § 3.6.5.33

3/23/83, 12/29/94, 8/31/96, 7/15/98; 3.6.5.33 NMAC - Rn & A, 3 NMAC 6.5.33 & A, 4/30/01; A, 9/30/04