A. Except for the property listed in Subsection B of this section or exempt pursuant to Section 7-36-8 N.M. Stat. Ann., all property is subject to valuation for property taxation purposes under the Property Tax Code if it has a taxable situs in the state.

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

B. The following property is not subject to valuation for property taxation purposes under the Property Tax Code:

(1)     property exempt from property taxation under the federal or state constitution, federal law, the Property Tax Code or other laws, but:

(a) this does not include property all or a part of the value of which is exempt because of the application of the veteran, disabled veteran or head-of-family exemption;

(b) this provision does not excuse an owner from obligations to report the owner’s property as required by regulation of the department adopted under Section 7- 38-8.1 NMSA 1978 or to claim its exempt status under Subsection C of Section 7-38-17 N.M. Stat. Ann.;

(c) this includes property of a museum that: 1) has been granted exemption from the federal income tax by the United States commissioner of internal revenue as an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended or renumbered; 2) is used to provide educational services; and 3) grants free admission to each student who attends a public school in the county in which the museum is located; and

(d) this includes property that is operated either as a community to which the Continuing Care Act [N.M. Stat. Ann. Chapter 24, Article 17] applies or as a facility licensed by the department of health to operate as a nursing facility, a skilled nursing facility, an adult residential care facility, an intermediate care facility or an intermediate care facility for the developmentally disabled; and is owned by a charitable nursing, retirement or long-term care organization that: 1) has been granted exemption from the federal income tax by the United States commissioner of internal revenue as an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended or renumbered; 2) donates or renders gratuitously a portion of its services or facilities; and

3) uses all funds remaining after payment of its usual and necessary expenses of operation, including the payment of liens and encumbrances upon its property, to further its charitable purpose, including the maintenance, improvement or expansion of its facilities;

(2)     oil and gas property subject to valuation and taxation under the Oil and Gas Ad Valorem Production Tax Act [N.M. Stat. Ann. Chapter 7, Article 32] and the Oil and Gas Production Equipment Ad Valorem Tax Act [N.M. Stat. Ann. Chapter 7, Article 34]; and

(3)     productive copper mineral property subject to valuation and taxation under the Copper Production Ad Valorem Tax Act [N.M. Stat. Ann. Chapter 7, Article 39]; for the purposes of this section, “copper mineral property” means all mineral property and property held in connection with mineral property when seventy-five percent or more, by either weight or value, of the salable mineral extracted from or processed by the mineral property is copper.