Situs in regard to personal property is property "…physically present in the state on the date whe... Read More

The deadline for reporting is on or before the last day of February of the tax year unless an extension is req... Read More

The extension is granted for an additional 30 days.

CAB forms and other industry-specific forms can be reproduced or computer-generated as long as they follow the... Read More

Intangible assets are not taxable.

No. The Property Tax Code generally exempts personal property unless it is used for the person's professio... Read More

If you are not taking a deduction for depreciation on your federal income tax on these items, you do not need ... Read More

No. January 1 of the tax year is the "taxable situs" date. The assets should be reported the followi... Read More

The assessor is mandated to use class life and established depreciation schedules. The net book value you calc... Read More

Computer software has been complex since it was first introduced. Computer software is a class of personal pro... Read More

Report the assets this year. The assets are reportable for federal income tax in the current year. The fact th... Read More

This asset class calls for a class life of nine years, so you must depreciate the assets using Table 11 of the... Read More

The equipment is subject to property taxation only in the first tax year after you take the federal deduction.... Read More

The "Special Method" is outlined in the Property Tax Code, Section 7-36-33 NMSA 1978. The method is ... Read More