Information for Business Owners

Information for Business Owners

Dear Taxpayer,

Below please find links to reporting forms and depreciation schedules for personal business property. We are requesting that everyone fill out a new statement as this will prove to be beneficial in many cases. The copy of Schedules I, II, and III should be followed to obtain a fair method of depreciation. These schedules have been adopted to be more reflective of the actual life of various equipment and machinery.
According to state statute, all personal property used in your business that is depreciated for Federal Income Tax purposes in the prior calendar year is subject to valuation for property tax purposes. It must be reported no later than the last day of February of the tax year to the County Assessor of the county in which the property is located on January 1”. Anything that is present of January 1” of that tax year is to be reported.

Note: Section 7-36-33 NMSA 1978 of the Property Tax Code.

Any report received or postmarked after the last day of February is subject to a civil penalty in an amount equal to five percent (5%) of the property taxes ultimately determined to be due on the property. We are not permitted by statue to grant any extensions to this deadline.
Note: Section 7-38-8H NMSA of the Property Tax Code.

Once placed on the tax roll, unless otherwise notified, we will carry valuation figures over from the previous year. It is to the taxpayer’s advantage to render every year and gain the benefit of the depreciation schedules. Should your company terminate, you do need to inform this office.

If you should have any questions, please contact our office at (575) 648-2306. Ext 118

John Serna
Lincoln County Personal Property Appraiser