NMSA 1978, § 7-36-7 — 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 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 the
owner's 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;
(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; and
(d) this includes property that is operated either as a community to which the
Continuing Care Act [Chapter 24, Article 17 NMSA 1978] applies or as a facility licensed
by the department of health to operate as a nursing facility, a skilled nursing facility, an
adult residential care facility, an intermediate care facility or an intermediate care facility
for the developmentally disabled; and is owned by a charitable nursing, retirement or
long-term care organization 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) donates or renders gratuitously a portion of its services or facilities; and
3) uses all funds remaining after payment of its usual and necessary expenses of
operation, including the payment of liens and encumbrances upon its property, to further
its charitable purpose, including the maintenance, improvement or expansion of its
facilities;
(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.