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New Mexico Property Tax

New Mexico Property Tax system is supervised by the Property Tax Division of New Mexico Taxation and Revenue Department, which is comprised of three bureaus. These are the Appraisal Bureau, State Assessed Property Bureau and the Delinquent Property Tax Bureau. Moreover, there are 33 counties in the state of New Mexico and the Property Tax Division undertakes supervision and performance evaluation of the assessors and other officials providing services at county levels. The division also handles issues relating to delinquent real property taxes, interests, penalties and costs through public contacts and other methods.

New Mexico Property Tax Law

All property is taxable under the New Mexico Property Tax Law. There are two kinds of property: Personal and Real. All movable property comes under the category of personal property, while the physical land and the immovable improvements on it are real property. Before taxation, real property is assessed on the basis of the fair market value. The Appraisal Bureau and the State Assessed Property Bureau provide training, resources and other support to local assessors to perform the task of assessment according to the law of the state.

NM Property Tax Records

A uniform approach is applied throughout the state to bring fairness and transparency in the process. Hence, you can access the New Mexico Property Tax Records and Maps to get relevant information on a real estate in New Mexico. It is very essential for the real property owners to check the tax records at regular time interval. Moreover, they are required to make timely repayments in order to avoid future inconveniences.

New Mexico Property Tax Rate

Property tax rates in New Mexico depends on a number of factors relating to type of properties and the area of the location. The assessed value of your real property is then processed with the current property tax rate and millage rate to calculate the property tax, you owe. The department sends you a tax bill and you are supposed to pay the tax amount within the stipulated period. The Delinquent Property Tax Bureau comes into the picture if you fail to pay your real estate tax in New Mexico. The Bureau can conduct public auction sales to collect delinquent property taxes on real property.

For more info on NM Property Tax, you may visit the official website of the New Mexico Taxation and Revenue Department.

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