The property factor is a fraction, the numerator of which is the average value of the taxpayer's real and tangible personal property owned or rented and used in this state during the tax period and the denominator of which is the average value of all the taxpayer's real and tangible personal property owned or rented and used during the tax period.
History: 1953 Comp., § 72-15A-26, enacted by Laws 1965, ch. 203, § 11.
Effective dates. — Laws 1965, ch. 203, § 22 made Laws 1965, ch. 203, § 11 effective January 1, 1966.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 71 Am. Jur. 2d State and Local Taxation §§ 190, 202, 208, 218, 220, 658 to 665.
Situs as between different states or countries of tangible chattels for purposes of property taxation, 110 A.L.R. 707.
84 C.J.S. Taxation §§ 92 to 94, 112 to 115, 153 to 157, 172 to 173, 397 to 401, 416.
Structure New Mexico Statutes
Article 4 - Division of Income for Tax Purposes
Section 7-4-3 - Allocation and apportionment of income in general.
Section 7-4-4 - When taxable in another state.
Section 7-4-5 - Allocation of certain nonbusiness income.
Section 7-4-6 - Allocation of rents and royalties.
Section 7-4-7 - Allocation of capital gains and losses.
Section 7-4-8 - Allocation of interest and dividends.
Section 7-4-9 - Allocation of patent and copyright royalties.
Section 10 - Apportionment of business income.
Section 7-4-11 - Property factor for apportionment of business income.
Section 7-4-12 - Valuation of property for inclusion in property factor.
Section 7-4-13 - Determination of average value of property for inclusion in property factor.
Section 7-4-14 - Payroll factor for apportionment of business income.
Section 7-4-15 - Determination of compensation for inclusion in payroll factor.
Section 7-4-16 - Sales factor for apportionment of business income.
Section 7-4-19 - Equitable adjustment of standard allocation or apportionment.