1. All NM Taxes
  2. Frequently Asked Questions
  3. I own a small business which is furnished with my own personal items acquired mostly before the business was started. Must I report them to the county assessor and pay property taxes on them?

I own a small business which is furnished with my own personal items acquired mostly before the business was started. Must I report them to the county assessor and pay property taxes on them?

If you are not taking a deduction for depreciation on your federal income tax on these items, you do not need to report or pay property tax on them even though you use them for your profession, business or occupation.