How does an appraiser value my property and why is the Assessors valuation lower than a fee appraisal?

BUSINESS PERSONAL PROPERTY The Assessor is required by State law to assess business equipment. Tangible personal property is property that is used, produced, manufactured, held for sale, leased or maintained by a person for purposes of the persons profession, business or occupation; and for which the owner has claimed a deduction for depreciation for federal income tax purposes during any federal income taxable year occurring in whole or in part during the twelve months immediately preceding the first day of the property tax year (NMSA 7-36-8), and is not permanently affixed to, or part of real estate.  more