Report the assets this year. The assets are reportable for federal income tax in the current year. The fact that the reporting deadlines for property tax fall before reporting deadlines for federal income tax does not postpone the taxability by one year. This...
This asset class calls for a class life of nine years, so you must depreciate the assets using Table 11 of the State Assessed Valuation Guideline.
The equipment is subject to property taxation only in the first tax year after you take the federal deduction. If you purchased the piece in March, for example, then the equipment is subject to tax on January 1 of the following year and not thereafter. If the...
The "Special Method" is outlined in the Property Tax Code, Section 7-36-33 NMSA 1978. The method is a cost approach. The statute calls for using the "tangible property cost or " the "actual cost of acquisition or construction of property including additions,...
Yes. The owner of personal property used in a business and subject to federal income tax depreciation is also subject to ad valorem taxes in New Mexico. If your lease agreement passes the property tax along to the lessee, the lessee can report the assets directly....