NMSA 1978, § 7-4-11 — Property factor for apportionment of business income

The property factor is a fraction, the numerator of which is the average value of the
taxpayer's real and tangible personal property owned or rented and used in this state
during the tax period and the denominator of which is the average value of all the
taxpayer's real and tangible personal property owned or rented and used during the tax
period.