State Tax Laws > Property Taxes > New Mexico (Summary)

Tax Type: Current Use and Yield Tax

Description: Use of the land to produce forest products or in a manner that qualifies for compensation under a federal soil conservation program is considered an agricultural use that may entitle the land to be valued on the basis of its capacity to produce agricultural products.

Law: NMSA 7-26-5 of 1978 sec. 7-36-20

Objective: The purpose of the Resources Excise Tax Act [Chapter 7, Article 25 NMSA 1978] is to provide revenue for public purposes by levying a tax on the privilege of severing and processing natural resources within New Mexico.

Forest Tax Program Requirements

Min/Max Acreage: 1

Min. Stocking Growth: N/A

Forest Management Plan: N/A

Duration of Enrollment: N/A

Penalties for Use Change: Failure to report change could result in a penalty equal to the greater of $25 or 25% of the difference between the property taxes ultimately determined to be due and the property taxes originally paid for the year the report was required.

Program Administration

State: Assure the implementation and compliance of applicable statutes, rules and regulations.

County Tax Assessor and Commissioner: Landowner must file application with county assessor.

University: N/A

Landowner: N/A

For a more in depth discussion of New Mexico property taxes click here!