us-nm/stat
NMSA 1978, § 7-36-32 — Special method of valuation; commercial aircraft
A.
All commercial aircraft used by commercial airline companies in the operation of
their businesses and subject to valuation for property taxation purposes shall be valued
in accordance with the provisions of this section.
B.
The department shall value commercial aircraft as follows:
(1) all gasoline engine propeller driven aircraft shall be valued at ten percent
of original cost regardless of age; and
(2) all jet propelled aircraft shall have an assumed life of twelve years and
shall be valued by deducting from eighty percent of the original cost of the aircraft
depreciation computed on a monthly basis, but no aircraft valued under this paragraph
shall have computed a value of less than twenty percent of its original cost.
C.
The department shall adopt regulations providing for the allocation of net taxable
values of commercial aircraft to New Mexico and to the governmental units in the state,
which regulations shall include allocation factors related to ground time in New Mexico
compared to total ground time within the airline system and flight time over New Mexico
compared to total flight time within the airline system, exclusive of flight time outside the
continental limits of the United States.
D.
The department shall adopt regulations pursuant to Section 7-38-88 NMSA 1978
[repealed] to implement the method of valuation of commercial aircraft specified in this
section.
Source: official text