NMSA 1978, § 7-36-15 — 7-36-15

Methods of valuation for property taxation purposes;
general provisions.

# A.

Property subject to valuation for property taxation purposes under this article of
the Property Tax Code shall be valued by the methods required by this article of the
Property Tax Code whether the determination of value is made by the department or the
county assessor. The same or similar methods of valuation shall be used for valuation
of the same or similar kinds of property for property taxation purposes.

# B.

Unless a method or methods of valuation are authorized in Sections 7-36-20
through 7-36-33 NMSA 1978, the value of property for property taxation purposes shall
be its market value as determined by application of the sales of comparable property,
income or cost methods of valuation or any combination of these methods. In using any
of the methods of valuation authorized by this subsection, the valuation authority:
(1) shall apply generally accepted appraisal techniques; and
(2) in determining the market value of residential housing, shall consider any
decrease in the value that would be realized by the owner in a sale of the property
because of the effects of any affordable housing subsidy, covenant or encumbrance
imposed pursuant to a federal, state or local affordable housing program that restricts
the future use of the property or the resale price of the property or would otherwise
prohibit the owner from fully benefitting from any enhanced value of the property. As
used in this paragraph:
(a) "subsidy, covenant or encumbrance imposed pursuant to a federal, state
or local affordable housing program" includes those imposed by a nonprofit entity
approved by a governmental entity as a qualifying grantee pursuant to the Affordable
Housing Act [6-27-1 to 6-27-8 NMSA 1978]; and
(b) "residential housing" means any building, structure or portion thereof that
is primarily occupied, or designed or intended primarily for occupancy, as a residence
by one or more households and any real property that is offered for sale or lease for the
construction or location thereon of such a building, structure or portion thereof.
"Residential housing" includes congregate housing, manufactured homes, housing
intended to provide or providing transitional or temporary housing for homeless persons
and common health care, kitchen, dining, recreational and other facilities primarily for
use by residents of a residential housing project.

# C.

Dams, reservoirs, tanks, canals, irrigation wells, installed irrigation pumps, stock-
watering wells and pumps, similar structures and equipment used for irrigation or stock-
watering purposes, water rights and private roads shall not be valued separately from
the land they serve. The foregoing improvements and rights shall be considered as
appurtenances to the land they serve, and their value shall be included in the
determination of value of the land.

# D.

The department shall adopt regulations to implement the methods of valuation
authorized in this article of the Property Tax Code.