N.M. Stat. Ann. § 7-34-3 – Method of determining assessed value

A. Annually the department shall compute the value of products of each production unit for the previous calendar year.
B. The taxable value of equipment of each production unit is an amount equal to twenty-seven percent of the value of products of each production unit.
C. The assessed value of equipment of each production unit shall be determined by applying the uniform assessment ratio to the taxable value of equipment of each production unit.

History: 1953 Comp., § 72-24-3, enacted by Laws 1969, ch. 119, § 3; 1972, ch. 60, § 1; 2025, ch. 130, § 142.

The 2025 amendment, effective July 1, 2025, made certain technical amendments; and in Subsection A, replaced "commission" with "department".