Property Taxes

Property Taxes:

Click on the link below to see the Dona Ana County tax rates and an example of what you may pay.  Remember New Mexico offers 2 property tax exemptions.  One is for Head of Household for $2,000 a year and the other is a Veterans exemption of $4,000 per year.  These exemptions reduce the valuation of the property on which you pay taxes.  You must apply for both of these exemptions and you  can only have one head of household exemption if you own more than one home.  Single people can get the head of household exemption as well.  Veterans can go to the courthouse and request a form to apply with their DD214. For more information on Veterans exemptions you can call the Veterans Service Commission in Santa Fe at 505 827-6300.

If you are 65 or older, or are 100% disabled, or had a modified gross income of less than $20,600 in 2005 you may apply for a valuation freeze by March 31st.

The formula is as follows: Take the total value and divide by 3, then subtract any exemptions as listed above.  Multiply that number by the mil rate which is .026864.  $150,000 divided by 3 is $50,000 subtract $2,000 head of houshold exemption for $48,000 x.026864.  The property taxes would be $1289.47 or $107.46 per month.

Taxes on a $500,000 home with no exemptions will be $4,466 per year or $372/mo Taxes on a $1,000,000 home would be  $8,933 per year or $744 per month.

Remember that taxes are based on what you pay for a home coupled with the Assessors appraisal, not always the current taxes the seller is paying.  When you close you will be required to sign a form that goes to the assessor telling him what you paid for the property.  It is this information coupled with the Assessor's own property appraisal that determines the homes taxable value. 

Go to www.co.dona-ana.nm.us/assessor/taxrates/

Appraisals are conducted every other year and 2006 is the next appraisal year.  Property tax increases are capped by law to 6.1% every 2 years or about 3% a year.  When a property is sold the increase can be more than that due to the sale price.