2006 New Mexico Statutes - Section 7-36-7 — Property subject to valuation for property taxation purposes.

7-36-7. Property subject to valuation for property taxation purposes.

A.     Except for the property listed in Subsection B of this section or exempt pursuant to Section 7-36-8 NMSA 1978, all property is subject to valuation for property taxation purposes under the Property Tax Code [Chapter 7, Articles 35 to 38 NMSA 1978] if it has a taxable situs in the state.   

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 his 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 NMSA 1978; and   

(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;   

(2)     oil and gas property subject to valuation and taxation under the Oil and Gas Ad Valorem Production Tax Act [Chapter 7, Article 32 NMSA 1978] and the Oil and Gas Production Equipment Ad Valorem Tax Act [Chapter 7, Article 34 NMSA 1978]; and   

(3)     productive copper mineral property subject to valuation and taxation under the Copper Production Ad Valorem Tax Act [Chapter 7, Article 39 NMSA 1978]; 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.