Business Personal Property
Taxscribe for New Mexico Business Owners & CPAs
Modern personal property tax filing for New Mexico — prepare your return in minutes, import fixed assets, and e-file to participating jurisdictions or email a print-ready PDF to your local assessor.
What is Business Personal Property tax?
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 Business Personal Property?
All companies assessed by the State Assessed Property Bureau are required to file an annual property tax return.
- Filing deadline
- on or before the last day of February
- Late penalty
- Failure to file in a timely manner may result in penalties.
When you should file:
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.
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.
Important Notes About Business Personal Property:
- 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.
Coverage
How Taxscribe works in New Mexico
Taxscribe supports Business Personal Property filing across New Mexico. Where your jurisdiction participates in Taxscribe's e-file program, you can submit directly; elsewhere, generate a print-ready PDF and email or mail it to your local assessor. Contact us to see if your jurisdiction participates.