N.M. Stat. » N.M. Stat. / Chapter 7 / Article 36
New Mexico Statutes

N.M. Stat. § 7-36-31 (2026)

Special method of valuation; operating railroad property.

✓ current as of May 2026
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A. All property owned or leased and used by an operating railroad in its operation if
the operating railroad has operations in New Mexico is subject to valuation for property
taxation purposes and shall be valued in accordance with the provisions of this section,
except for land and land rights other than operating railroad rights-of-way, sidings and
marshalling yards and general buildings and improvements determined not to be an
active part of an operating railroad.

    B. The division shall value operating railroad property using the following methods
of valuation and applying the unit rule of appraisal to the property:

       (1)    capitalization of earnings;

       (2)    market value of stock and debt; or

       (3)    original cost less depreciation and obsolescence.

   C. The division may use one or more, or a combination of, the methods of valuation
specified in Paragraphs (1), (2) and (3) of Subsection B of this section in valuing
operating railroad property.

   D. Land, land rights other than operating railroad rights-of-way, sidings and
marshalling yards, general buildings and improvements determined not to be an active
part of an operating railroad shall be valued under the provisions of this article of the
Property Tax Code applicable to the property.

    E. The division shall adopt regulations providing for the allocation of net taxable
values of operating railroad property to New Mexico and to the governmental units
within the state.

    F. The division shall adopt regulations pursuant to Section 7-38-88 NMSA 1978
[repealed] to implement the methods of valuation for operating railroad property
specified in this section.

History: Laws 1973, ch. 258, § 32; 1953 Comp., § 72-29-20; Laws 1985, ch. 109, § 7.

                                     ANNOTATIONS
Bracketed material. — The bracketed material was inserted by the compiler and is not
part of the law. Laws 1991, ch. 166, § 14 repealed 7-38-88 NMSA 1978, referred to in
Subsection F. For present comparable provisions, see 9-11-6.2 NMSA 1978.

Cross references. — For tax levied in lieu of property taxes on railroad car companies,
see 7-11-3 NMSA 1978.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 71 Am. Jur. 2d State and Local
Taxation §§ 402 to 405.

84 C.J.S. Taxation § 221 et seq.
Notes of Decisions
Cited in 2 cases, 2017–2017 · leading case: Cable One, Inc. v. N.M. Taxation & Revenue Dep't, 412 P.3d 1121 (N.M. Ct. App. 2017).
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Cable One, Inc. v. N.M. Taxation & Revenue Dep't, 412 P.3d 1121 (N.M. Ct. App. 2017). “See Section 7-36-27 (providing a special method of valuation for oil, natural gas, carbon dioxide, and liquid hydrocarbons pipelines); § 7-36-28 (providing a special method of valuation for water pipelines); § 7-36-30 (providing a special method of valuation for "communications…”
Cable One, Inc. v. N.M. Taxation & Revenue Dep't, 2018 NMCA 17 (N.M. Ct. App. 2017). “See Section 7-36-27 (providing a special method of valuation for oil, natural gas, carbon dioxide, and liquid hydrocarbons pipelines); § 7-36-28 (providing a special method of valuation for water pipelines); § 7-36-30 (providing a special method of valuation for “communications…”
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