The Assessor's Office compiles a "Tax Roll", listing each property which may include improvements (house, barn, sheds, etc.). Full Value is the value determined by the appraiser.
"TAXABLE VALUE" is 1/3 (33.33%) of the full value. The "TAX RATE" is expressed in dollars of tax per thousand dollars of Taxable Value.
- Full Value = $100,000.00
- Taxable Value = $33,330.00 ($100.00.00 X 33.33%)
- Tax Rate, for this example only = 26 mils
- Property Tax due would be $866.58 ($33,330.00 X .026)
The tax rate is established by the State Department of Finance and Administration based on the budgets submitted to the State by counties, schools, cities and the Voters, through the approval of bond issues. The New Mexico Department of Finance & Administration certifies the tax rate each September.
Tax Notices are mailed the first week of November. The full amount or the first half of the property tax is due by December 10th. If you only pay the first half, the second half is due by May 10th of the following year. The only exception is if the tax amount due is less than $10.00 in which case the total amount is due By December 10th.
Note: The values used above are for demonstration purposes only. The MILL Rate changes each year and is different in each school district. Please contact the Assessor's office for the current rate in your school district.