LEA COUNTY ASSESSOR’S OFFICE

100 NORTH MAIN

LOVINGTON, NM 88260

575-396-8626

www.leacounty.net

 

NEW MEXICO BUSINESS PERSONAL PROPERTY REPORT

This is an Official Request and a response is required

Deadline for response is the last day of February

 

2008

Owner Name or

Business Name______________________________                                             Owner #________________________

In Care of Name_____________________________                                             

Mailing Address_____________________________                                                                School District____________________                                                                                                                              (If reporting for more than one school district, a                                                                                            

                                                                                                                                                         separate form is required to be filled out for each)        

 The following must be completed

 

Name of business owner*__________________________             Business start date*___________________________

Mailing Address*______________________________________             Phone #_____________________________________

MAILING ADDRESS   

Change OR Correction _______________________________________                                      

 

                                          _______________________________________

                                              
 
                                                                                                     

                                                                                                                         

 

 

 

 

 

Contact Person*______________________________________________________________

Phone#*_____________________________________________________________________

Fax#________________________________________________________________________

Physical location of business*______________________________________________

 

Type of Business*__________________________________________________

(ie. Retail, oil & gas, fast food, restaurant, hair salon, construction, ect.)

Does business report to NM State Assessment Bureau?                                        If yes give CAB#__________________

Does business have leased equipment? (See back for instructions)

Transfer of Ownership

Name of Buyer______________________________________________     Phone#________________

Mailing address______________________________________________                  *Date of Closing Sale

City,State,Zip_______________________________________________                ______________________                           

                                                           

 
 

 

 

 

 

Active Business no longer depreciating assets

_______________________________________possesses no business personal property 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 twelve months immediately preceding the first day of the property tax year

(January 1).

 

Signature of Owner/Agent*____________________________________________________Date*______________________
 
 

 

 

 

 

 

 


 FARM EQUIPMENT and LIVESTOCK OWNERS:

If reporting farm equipment or livestock and you did not receive a Farm Equipment and Livestock form, please contact the county

assessor’s office at the number listed above.  Or a separate sheet may be attached listing the type of equipment/livestock, year purchased,

and purchase price.  For livestock, please include number of animals as of January 1st.                                                          Revised 2007

 

INSTRUCTIONS:

 

For assistance or questions, contact the personal property department for the county listed on the front of this form.

 

  1. Assets having a deduction for depreciation and/or a Section 179 expense which was reported to the IRS for the previous tax year must be reported on this form.  Sec 7-36-8-NMSA-1993 Amended.

An itemized list of assets must accompany this form.

 

  1. Depreciation used is a straight line method of calculating the depreciation allowance over the useful life of an asset. 

        the MACRS or ACRS recovery periods cannot be used for New Mexico property tax valuation purposes. 

 

  1. 100% acquisition cost must include freight, installation, and any fees included in the purchase of an asset.  Use rounded

        whole numbers.

 

  1. Owner of rentals or leased housing must report appliances, drapes, furnishings, equipment for office, clubhouse,

maintenance ect.

   

  1. If leasing equipment, a separate sheet listing the equipment type, and lessor’s name, mailing address, and phone number

must be attached.

 

  1. Do not report vehicles or trailers licensed in the State of New Mexico.

 

  1. A copy of the Federal depreciation schedule/detail worksheet must be attached.

 

  1. A separate form must be used if reporting assets in several taxing districts.

 

  1. Please inquire as to the availability of online reporting in this county.

 

  1. Note: Corrections submitted after the 30 day protest period as indicated on the Notice of Value will be applied to the next year.  If you are not on the tax roll then you will be added to this year under the omitted property guidelines and will be subject to the non-rendition penalty.

 

Note:

-This form must be completed in accordance with the above listed instructions and returned by the last day of February (Sec. 7-38-8).

-All business assets and farm equipment subject to valuation for property tax purposes shall be valued as of January 1 (Sec. 7-38-7)

of every year (Sec. 7-36-8; 7-36-33).

-A personal property report must be made annually even if no changes have been made.  Failure to report will result in a 5% non-rendition penalty.

-Falsification of a report may result in penalties up to 25% (Sec. 7-38-8).

-All returns are subject to audit.

-All fields followed by an asterisk must be completed.