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

assessors business personal property staffBusiness personal property is defined as tangible, moveable items not permanently affixed to, or part of, real estate.
The assessor is required by law to assess business equipment - tangible, personal property that is used, produced, manufactured, held for sale, leased, or maintained by a person for purposes of the person's profession, business or occupation.
A business is required to inform the Bernalillo County Assessor’s Office of the current status of the business and its equipment by the last day in February annually.
A business reports certain assets only. The specific assets reported are those “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…”. Section-179 expensed assets are also included in this assessment.
Property Tax Division has established guidelines directing the Assessor’s Office to request of an owner a listing of their assets that had a federal deduction claimed on them. Typically, a Depreciation Schedule/Detail Schedule handwritten or prepared by a bookkeeper or CPA is required.
Such a depreciation schedule should include such information as the asset description, acquisition cost, acquisition year, Section-179 expense, current depreciation claimed, accumulated depreciation, and disposition date.
Once it is determined that an asset is to be assessed, the cost of the asset is extracted from the schedule and a percent-good factor is applied to it resulting in a depreciated cost. The depreciated cost then becomes the ‘value’ of the asset for the tax year. The Property Tax Department of NM State Taxation and Revenue determines the percent-good factors.
This process is then repeated each year as long as the asset is federally expensed (Section-179) or depreciated.


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