Show Subnavigation

My business reported all assets to the county assessor at the depreciated net book value at year end. These were ignored and a different schedule was used, increasing the values. Is this legal?

The assessor is mandated to use class life and established depreciation schedules. The net book value you calculated is for federal income tax. The assessor is not allowed to use your net book value, but the assessor should use your acquisition cost and date of acquisition to recalculate the value for property tax purposes.

back to list
View Our Most Popular Pages & Services
Latest News:
Secretary Demesia Padilla

Secretary Demesia Padilla,CPA

Learn more about secretary Padilla

Online Services

Find an Online Service to Serve Your Needs

Taxation and Revenue New Mexico

1100 South St. Francis Drive
Santa Fe, NM 87504
(505) 827-0700

TRD Home          Privacy & Security          Site Policies          Accessibility/Non-Discrimination Statement          
About Us          Contact Us      Site MapLink to New Mexico Tax and Revenue Facebook Page

call us E-Mail Contact Us