3.6.1.7

DEFINITIONS

1. A. “BUFFALO” DEFINED: The terms “buffalo” and “livestock” include the American bison (Bison bison) and any offspring from a crossbreeding of the American bison and domestic cattle.

2. B. “DIRECTOR” AND “DIVISION”: As used in Parts 1 through 7 of Chapter 3.6 NMAC:

   (1) “Director” means the director of the property tax division of the taxation and revenue department;

   (2) “Division” or “property tax division” means the property tax division of the taxation and revenue department, the director of the division or any employee of the division exercising authority lawfully delegated to that employee through the director.

3. C. EQUITABLE OWNER IS AN “OWNER”: An “owner” as that term is defined in Section 7-35-2 NMSA 1978 includes, but is not limited to, a person who has equitable ownership of property by reason of being the purchaser or buyer of the property under a conditional sale contract.
4. D. INTANGIBLE PROPERTY EXCLUDED FROM “PROPERTY”: The term “property” as defined in Section 7-35-2 NMSA 1978 does not include intangible property including, but not limited to, shares of stock, bonds, bills, notes, checks, drafts, bills of exchange, certificates of deposit, letters of credit and negotiable instruments.
5. E. “LEGAL ENTITY” DEFINED: A “legal entity”, as that phrase is used in Section 7-35-2 NMSA 1978 defining “person”, includes, but is not limited to, the following: an estate, a trust, a receiver, a cooperative association, a club, a corporation, a company, a firm, a partnership, a joint venture, a limited partnership, a limited liability company, an association and to the extent permitted by law, a state or its political subdivisions, other than New Mexico and its political subdivisions.
6. F. “LIVESTOCK” - “OTHER DOMESTIC ANIMALS USEFUL TO MAN”: Classes of livestock and the value of each class are required to be established by order each tax year pursuant to Section 7-36-21 NMSA 1978. Particular classes or types of “domestic animals useful to man” which are named in the order establishing classes of livestock are “livestock” as that term is defined in Section 7-35-2 NMSA 1978. Poultry and fish are not “livestock” as that term is defined in Section 7-35-2 NMSA 1978.

7. G. “THESE REGULATIONS”: The phrase “these regulations” means Parts 1 through 7 of Chapter 3.6 NMAC.

   [3/23/83, 8/10/94, 12/29/94, 8/31/96; 3.6.1.7 NMAC - Rn & A, 3 NMAC 6.1.7, 4/30/01]