NMSA 1978, § 7-36-8 — 7-36-8

Tangible personal property exempt from property tax;
exceptions.

# A.

Except as provided in Subsection B of this section, tangible personal property
owned by a person is exempt from property taxation.

# B.

The following tangible personal property owned by a person is subject to
valuation and taxation under the Property Tax Code:
(1) livestock;
(2) manufactured homes;
(3) aircraft not registered under the Aircraft Registration Act [64-4-1 to 64-4-
15 NMSA 1978];
(4) private railroad cars, the earnings of which are not taxed under the
provisions of the Railroad Car Company Tax Act [Chapter 7, Article 11 NMSA 1978];
(5) tangible personal property subject to valuation under Sections 7-36-22
through 7-36-25 and 7-36-27 through 7-36-32 NMSA 1978;
(6) vehicles not registered under the provisions of the Motor Vehicle Code
[Chapter 66, Articles 1 through 8 NMSA 1978] and for which the owner has claimed a
deduction for depreciation for federal income tax purposes during any federal income
taxable year occurring in whole or in part during the twelve months immediately
preceding the first day of the property tax year; and
(7) other tangible personal property not specified in Paragraphs (1) through
(6) of this subsection:
(a) that is used, produced, manufactured, held for sale, leased or maintained
by a person for purposes of the person's profession, business or occupation; and
(b) for which the owner has claimed a deduction for depreciation for federal
income tax purposes during any federal income taxable year occurring in whole or in
part during the twelve months immediately preceding the first day of the property tax
year.