Taxable value on real and personal property is one-third of the total assessed value, minus any allowable exemptions. Net taxable value times the mill rate is total taxes owed.
For example:
Full Value of Property | Total Assessed Value | $150,000 |
Taxable Value | Total Assessed Value ÷ 3 | $50,000 |
Subtract Exemptions |
| $0 |
Net Taxable Value |
| $50,000 |
Calculate Total Taxes Owed | Net Taxable Value * Mill Rate $50,000 * 0.031258 | $1562.90 |
Note: The New Mexico Department of Finance and Administration may apply the yield control formula to limit the percentage by which total revenue generated by a property tax imposition may grow from year to year.