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New Mexico Property Tax Info

Personal and real property taxes
	In general, taxes are not assessed on personal property. Personal household effects, licensed vehicles, registered aircraft, certain personal property warehoused in the state and business personal property that is not depreciated for federal income tax purposes are exempt from the property tax.
	Property tax rates vary substantially and depend on the type of property and its location.
	New Mexico assesses residences at market value. Assessors usually determine market value by the sales-comparison approach, which matches a property's value to that of similar properties.
	Residents age 65 or older as of the first of the year and who had total modified household income in the previous year of no more than $21,000 may be eligible for a valuation limitation. This means the current assessed value of your property cannot be raised as long as you qualify for the limitation. You must file an application each year to qualify.
	Several other property tax exemptions also are available to qualified New Mexico residents. Any claims must be applied for no later than the last day of February of the tax year in which the exemption is to apply. Details on the exemptions and links forms can be found on the state taxation and revenue Web site.

Posted by Isaac E. Chavez on 02/25/2009 05:34 PM

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Property Taxes in the Home Buying Channel

property taxes

Post is included in group: New Mexico Professionals
Post is included in group: New Mexico Luxury Real Estate
Post is included in group: Las Cruces Realty Market

1 Comments on New Mexico Property Tax Info

FEB

Thanks much! Keep the informative blogs coming!

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