Property owned by the taxpayer is valued at its original cost. Property rented by the taxpayer is valued at eight times the net annual rental rate. Net annual rate is the annual rental paid by the taxpayer less any annual rental rate received by the taxpayer from subrentals.
§ 7-4-12 NMSA 1978
Valuation of property for inclusion in property factor
Known as the Uniform Division of Income for Tax Purposes Act
The act spans §§ 7–7 (21 sections).
1953 Comp., § 72-15A-27, enacted by Laws 1965, ch. 203, § 12.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.