Offer a two-year limitation for the former owner to challenge the sale under Section 7-38-70 NMSA 1978. The only redemption period in New Mexico is a 120-day federal IRS redemption. The IRS has 120 days after the auction to buy the property from the successful bidder...
Any bidder who does not pay once the auction closes may not participate in any future property tax sales. In addition, the bidder is responsible for all costs, expenses, and attorney fees expended in the collection of uncollected bids.
The purchase price of a property acquired at auction does not dictate its value. The county assessor has already determined a taxable value based on the appraisal analysis of similar properties in the area. Before buying at auction the prospective bidder should assess...
Which sections of the Taxation and Revenue Department Selected Laws and Regulations contain the property tax statutes?
Delinquent Property Tax Interest in real property is "perfected" when the deed or lien is recorded with the County Clerk's Office in the county where the property is located. Property Tax Sections 7-35-1 through 7-39-10 NMSA 1978 are the property tax statutes.
Section 66-7-413 NMSA 1978 requires a permit from the Motor Vehicle Division before relocating the vehicle. Before a permit can be issued, however, the owner must obtain a certificate from the county treasurer or assessor of the county in which the manufactured home...
To collect delinquent taxes, the County Treasurer is authorized to seize a mobile home and sell it for taxes under authority of a demand warrant according to Section 7-38-53 NMSA 1978 of the Property Tax Code.
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.