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Agency official explains how business personal property is valued under New Mexico law
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Summary
An agency official said the Business Personal Property Department determines tangible value by starting with the asset's acquisition cost and applying straight-line depreciation to reflect useful life, citing New Mexico law and directing businesses to burnco.gov/assessor.
An agency official said the Business Personal Property Department determines the tangible value of business personal property by starting with the asset's actual acquisition cost and then applying the straight-line depreciation method.
The official said the department uses the asset's purchase price as the baseline and spreads depreciation evenly over the asset's useful life. "They start with the actual cost of acquisition, what your business paid for the property, then apply the straight-line depreciation method," the official said, adding that this approach reflects each asset's useful life.
The official framed the method as a way to ensure "fair and consistent valuations under New Mexico law," and directed businesses seeking more information to the assessor's online resources at burnco.gov/assessor. No formal action, vote, or policy change was recorded in the exchange; the remarks were informational guidance about the department's valuation process.
For businesses with questions about reporting or specific asset classes, the department's website provides detailed instructions and contact information.
