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The Business Personal Property (BPP) Department is charged with assessing tangible business equipment annually.

assessors business personal property staff

Tangible personal property consists of movable items that are not permanently affixed to or part or a part of the real estate. These items are classified as personal property if they can be removed without causing serious injury to the item or to the real estate.

The business personal property to report to the assessor are those assets on which a federal depreciation deduction was taken and/or a section 179 expense was taken and reported to the IRS for the previous tax year; excluding inventory held for resale, licensed vehicles, leasehold improvements, and supplies.

All property subject to valuation for property taxation purposes by the department shall be reported annually to the department. The report required shall be made by the owner of the property or such other person as may be authorized by the rules of the department. The report shall be made no later than the last day of February in the tax year in which the property is subject to valuation and contain the information required by the rules of the department ie: prior year federal tax documents submitted to the IRS.

The appraisal method outlined in section 7-36-33 is a cost approach. The statute calls for the use of tangible property cost. This is defined as the actual cost of acquisition or construction of property including additions, retirements and transfers. Depreciation is calculated using the straight line method of computing the depreciation allowance over the useful life of the item of property. The useful life of the item of property means the class life as defined in section 179 of publication 946 of the United States Internal Revenue Code. Recovery periods of ACRS or MACRS cannot be used for New Mexico property tax valuation purposes. In all instances the law is the Property Tax Code, laws or statutes are passed and approved by the legislature and the governor.

Personal property business equipment reports contain all information needed to complete the report accurately. If you have any questions or need more information please call us at (505) 222-3750 or visit our website at www.bernco.gov.

 

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