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.
|Full Value of Property||Total Assessed Value||$150,000|
|Taxable Value||Total Assessed Value ÷ 3||$50,000|
|Net Taxable Value||$50,000|
|Calculate Total Taxes Owed||Net Taxable Value * Mill Rate|
$50,000 * 0.031258
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.