N.M. Admin. Code § 3.6.7.15

Current through Register Vol. 35, No. 21, November 5, 2024

Section 3.6.7.15 - REPORTING OF PROPERTY FOR VALUATION - PENALTIES FOR FAILURE TO REPORT

A.ANNUAL REPORT TO THE DIVISION - FORM AND REQUIRED INFORMATION:

(1) The report required by Subsection A of Section 7-38-8 NMSA 1978 shall be made by the owner of the property or any other person who has written authorization from the owner to make the report on behalf of the owner.

(2) In the case of mineral property valued pursuant to Sections 7-36-23 through 7-36-25 NMSA 1978, the operator of the mineral property may be required to report the property rather than the owner of the property.

(3) The report shall be made on a form or forms approved by the division and shall contain all information required by the division to determine:

(a) the value of the property pursuant to the Property Tax Code and these regulations;

(b) the identification of the property; and

(c) the owner or person in possession of the property.

(4) The form may require the attachment of copies of reports made to other agencies or departments of the state of New Mexico or agencies or departments of the United States.

(5) Additionally, all railroad companies shall submit, on a yearly basis, a report of operations for the preceding year containing the following information:

(a) copies of all New Mexico right-of-way maps;

(b) complete legal description of all land parcels which are located in New Mexico, along with plats, if available; and

(c) a statement setting forth, by individual counties, the total acreage of New Mexico real property and right of way.

B.PROPERTY NOT VALUED IN THE TAX YEAR WHICH AGAIN BECOMES SUBJECT TO VALUATION - REPORT: The report required under Subsection B of Section 7-38-8 NMSA 1978 shall include:

(1) the property owner's name and address;

(2) the description of the property valued such that, if the description were included in a deed to the property, title would pass;

(3) the description of any improvements on the property;

(4) the cost of the land, as evidenced by the most recent sale of the land, and the date of sale;

(5) the cost of the improvements, as evidenced by the most recent sale of the improvements, and the date of sale;

(6) the dates and reason for which the property was not previously subject to valuation; and

(7) the date and reason for which the property again became subject to valuation.

C.REPORTS TO COUNTY ASSESSOR:

(1) Reports required under Subsection E of Section 7-38-8 NMSA 1978 shall be made either by the owner of the real or personal property or by any other person having written authorization from the owner to report on behalf of the owner.

(2) When reporting property subject to valuation to the county assessor for property tax purposes, the report of or on behalf of the owner shall include, in the case of real property, both a complete legal description of the property and the improvements made to that property and, in the case of personal property, a description of both the personal property and its location sufficient to identify its site and the proper taxing jurisdictions.

(3) A report shall be made on a form or forms approved by the department and shall contain all information required by the department or the county assessor to:

(a) determine the value of the property pursuant to the Property Tax Code and Parts 1 through 7 of Chapter 3.6 NMAC;

(b) identify the property and its location;

(c) identify the owner or person in possession of the property.

(4) A form may require the attachment of copies of reports made to the department, other agencies of the state of New Mexico or to agencies, departments or instrumentalities of the United States.

D.FORM OF STATEMENT OF IMPROVEMENTS: The statement of improvements required by Subsection C of Section 7-38-8 NMSA 1978 must be on a standard preprinted form, prepared and paid for by the county assessor and in form and content prescribed by the director. The standard preprinted form shall be mailed to each person to whom the notice of value is mailed pursuant to Subsection A of Section 7-38-20 NMSA 1978 at the time of the mailing of the notice of value. Any form other than the standard form prescribed by the director and any method of making the form available to property owners other than the method directed by this subsection will be used only after submitting the form, and the method, in writing to the director and receiving written approval from the director for the use of such form and method.

E.LEASED PROPERTY. Property leased under a true lease is to be reported by the owner/lessor of the property. When the form of the document is that of a lease but the transaction is in substance a conditional sale or the document serves primarily to secure a lender's interest in the property, the property shall be reported by the lessee.

N.M. Admin. Code § 3.6.7.15

3/23/83, 12/13/85, 10/2/92, 12/29/94, 8/31/96; 3.6.7.15 NMAC - Rn & A, 3 NMAC 6.7.15, 4/30/01, A, 6/29/01