Nick Fong a well known and respected real estate brokeri in Los Cabos has written an excellent article on everything you need to know about Property Taxes in Mexico (click on link )
US and Mexico Taxes for Americans Living in Mexico. If you have a fideicomiso, Mexican corporation, a foreign bank account in Mexico, or live in Mexico this blog will have data you need about the required forms 5471, 3520, 3520A, FBAR 114, 926, 8865, 2555, 1116, etc., which you may have to file if you live and work in Mexico.