Available in All New Mexico Counties
Taxscribe transforms tax management for business owners and CPAs in New Mexico, streamlining the shift from paper forms to efficient online filing. Offering advanced user management, easy data import, intuitive form completion, smooth submission processes, and comprehensive analytics, Taxscribe makes tax filing easier. It ensures businesses of every scale effortlessly navigate New Mexico’s tax compliance requirements.
Available Forms:
- - Business Personal Property Report Form
What is Business Personal Property?
Business personal property consists of movable items that are not permanently affixed to, or a part of, the real estate. Tangible personal property held by businesses includes machinery, tools, furniture, fixtures, equipment and supplies.
Business personal property consists of movable items that are not permanently affixed to, or a part of, the real estate. Tangible personal property held by businesses includes machinery, tools, furniture, fixtures, equipment and supplies.
Who should file a Business Personal Property Return?
All companies assessed by the State Assessed Property Bureau are required to file an annual property tax return.
All companies assessed by the State Assessed Property Bureau are required to file an annual property tax return.
When you should file:
Annual property tax returns should be filed on or before the last day of February.
Annual property tax returns should be filed on or before the last day of February.
Extensions:
If you are unable to file by the reporting deadline, an Extension of Time to File must be requested in the SAEF Portal on or before the last day of February of the tax year to avoid a late filing penalty. Extensions granted shall be for a period of not more than thirty (30) days.
If you are unable to file by the reporting deadline, an Extension of Time to File must be requested in the SAEF Portal on or before the last day of February of the tax year to avoid a late filing penalty. Extensions granted shall be for a period of not more than thirty (30) days.
Exemptions:
Materials and Supplies normally used in the business and Inventories held for sale or resale are exempt unless the owner has claimed a deduction for depreciation for federal income tax purposes in the prior twelve months.
Materials and Supplies normally used in the business and Inventories held for sale or resale are exempt unless the owner has claimed a deduction for depreciation for federal income tax purposes in the prior twelve months.
Important Notes:
- Failure to file in a timely manner may result in penalties.
- Exact form names may vary from county to county.
- All questions should be directed to your local assessor.
- Failure to file in a timely manner may result in penalties.
- Exact form names may vary from county to county.
- All questions should be directed to your local assessor.
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