You ONLY pay one third of your home’s value with respect to property tax in New Mexico

Facebooktwittergoogle_plusredditpinterestlinkedinmail

Most folk’s monthly mortgage payment is comprised of three major pieces. The first piece, of course, is the amortization amount which is the most expensive part of your mortgage payment. The second piece is your hazard insurance or homeowners insurance which protects you against damages from floods, hail, fire, vandalism,  and in some cases earthquakes.

The final piece of your monthly mortgage which is the biggest mystery to most home owners is the property tax calculation. In the great state of New Mexico, a home owner ONLY pays property tax on 1/3 of the assessed property value!

So if you are financing a $210,000 balance on your home, then you ONLY have to pay tax on one-third of $210,000 which turns out to be $70,000. The average property tax in NM is 0.8%. So 0.8 per cent of $70,000 is 560 dollars which would be around $47 extra dollars per month added to your monthly home mortgage payment.

Outside of Carlsbad Caverns and the “UFO scent” that emanates from Roswell, I see nothing more enchanting in the southeastern quadrant of the land of enchantment than the nation’s lowest property tax rates!!!

Property Tax

New Mexico has the lowest per capita property tax in the nation. Taxes are imposed on one-third of assessed value (“net taxable value”), which is typically between 80 and 100 percent of market value.

Most property is appraised by county assessors in the county in which it is located. The Taxation and Revenue Department assesses certain types of non-residential property, typically industrial property that extends across county boundaries, including property associated with railroads, pipelines, communication systems and mineral extraction. Property taxes are collected and distributed by county treasurers.

Major revenue recipients include counties, municipalities and school districts.
Rates vary substantially and depend on property type and location. Rates applicable to residential property range from about $9 to $38 per $1,000 of net taxable value after exemptions are taken. Non-residential
property tax rates range from $12 to $44 per $1,000 of net taxable value. The statewide average rates are about $26 per $1,000 for residential property and $29 per $1,000 for non-residential property, or about .8% of
assessed value

Facebooktwittergoogle_plusredditpinterestlinkedinmail

23 comments on “You ONLY pay one third of your home’s value with respect to property tax in New MexicoAdd yours →

  1. Hi,
    I am Andrew Jackson, a financial writer. Today I came across your site ( ruminationstation.com) and enjoyed reading some of your articles.
    I just want to know do you allow guest posts? I would like to write for your blog on some relevant topics that is still to cover on your blog.
    I will make sure that my articles will be completely original to serve the quality. I do believe your readers will enjoy reading it.
    It will be a thrilling experience for me if my article finds a place in your blog.
    Please let me know about your decision.

    With best regards,
    Andrew Jackson

  2. You bet Andrew,

    Register at “Click Log In To Register for Website OR Forums”.

    I look forward to your incisive and sage financial contributions!

  3. Some people in Roswell,NM reported feeling very slight tremors from a 5.2 Richter Scale Earthquake centered near Lordsburg. Wait staff at Rib Crib, Jimmy Johns, Chili’s, Cattle Barron, and Cattlemans Steak house reported feeling something mild. A Baptist preacher, dining at Rib Crib, stated is was because Roswell allowed a gay couple to be married. Sodom and Gomorrah all over again in Roswell. Fire and Brimstone is next!

  4. Mayor Dennis Kintigh of Roswell,NM is proposing a property tax increase to pay for new recreation center and new swimming pool to replace the 80 year old pool at Cahoon Park. Dennis says the pool is leaking massive amounts of water. Roswell voters will have to vote it in with a general obligation bond election. Newsflash: It won’t pass. Very few residents who live North of College swim there. Let the water keep leaking to stimulate tree growth in park.

    1. John Keffer(NOT the Executive Counsel-Mergers & Acquisitions for General Electric Company) of Roswell NM was thrown out of city council meeting for aggressively complaining about Cahoon swimming pool being closed down. Jeff Tucker implied that Juan Oropesa uttered an obscene expletive also in opposition to the closing of a Roswell Icon that leaks 17000 gallons of water a day. Architect Donald Daugherty vociferously contested this claim raising the eyebrows of the police officer who had already ejected the highly agitated Keffer. Nancy Hartwick believed that our youth would get into more trouble during summer months since there will be one less thing to do. Christina Reyer, with pangs of childhood nostalgia, begged to keep the venerated swimming pool functional. Not sure how much property tax Keffer pays, but probably not much if lives on South Side or is a renter. North Side homeowners aren’t interested in funding dated swimming pool for poor people.

      1. Donald Daugherty wants to build lake in Cahoon park like Central Park in NYC. Good idea with minimal maintenance and less burden on tax payers. Swan boats here we come.

      2. Gary Hartwick apparently thinks his experience as Viacom executive means something with respect to the Cahoon park pool closure. Lisa Dunlap points out Hartwick has five homes in area which explains his concern. If he lived farther north you would not hear a peep out of the retiree. BTW Gary, the proof the pool is leaking is the water bill. Why don’t you pay the monthly water bill if that is not FACTUAL enough for you. For whatever reasons the pool built in 1930 by conservation corps is DONE. Too bad you will lose money on real estate you own in the area, but tax payers don’t care much about your personal loss.

        1. A buddy of mine has golfed with Gary Hartick and says he really gets on his bully pulpit about Cahoon park pool being shut down last summer. I don’t blame Hartwick. It is one hot F….ing summer and my kids are more of a pain now that it is inconvenient to get to a cool refreshing pool! Gary points out city had piss poor maintenance evidenced by Shitty roads, girls club, Yucca center, city hall. They let leaky roof leak all over pools electrical equipment causing unnecessary and costly repairs or replacements. My gut says nothing will change and city is just minus one public swimming pool. I guess all you upset parents will have to sweat it out at new splash pad on east second street.

          The parents of Hartwicks grandkids could always move to larger town with more public pools. Gary could sell all real estate he owns at reduced prices and follow them if incompetency of the mayor and city council is too bitter a pill.

          1. Father Bob Tally weighs in on the controversial unilateral closing of Cahoon pool. His argument is underprivileged children in Roswell are the victims. How did these children get to be underprivileged? They were born of parents, some meth heads, who could not even take care of themselves. So they end up living off of EBT cards funded off tax dollars of the people who choose to work for a living, NOT the lowlife white trash and Hispanics that comprise much of Roswell.

            1. Barry Goldstrom Director of Information Technology, states he never swam in Cahoon pool prior to its abrupt closing. He also has never used golf course, museum, or library. Sounds like Barry is computer nerd without a family making his opinion on the matter irrelevant.

          2. Gary Hartwick and Nancy Hartwick have both been extremely outspoken in their opposition to the closing of Cahoon Park Pool. Husband and Wife apparently own a lot of property near the pool and are pissed about it dropping in value. They just need to buy real estate closer to Cielo Grande which will be the site of a much higher end aquatic center if Tabitha Denny and Jeanine Corn gets their way. Huit-Zollars and Counsilman-Hunsaker(their marketing slogan is “we create experiences” let’s hope they create a better experience than a rusty, hazardous, hole in the ground that created sink holes and astronomical water bills) consulting firms will have meetings with Roswell’s citizenry allowing for the input for our brand new swimming pool which will take at least TWO more HOT, SWELTERing, Humid summers to construct!

            1. Richard Garcia, predictably a democrat, weakly argues that since his kids and grandkids learned to swim at Cahoon Park pool, then it should remain open. Just the kind of guy you want for a seat in NM House of Representatives.

              Gary Hartwick had enough time on his hands to ask 384 people whether it should remain open rather than filled with cement. Not exactly a pew poll.

            2. Gary Hartwick started a fight that he no longer appears willing to finish. Lee Sides is practically begging him and Donald Daugherty to form a citizens oversight committee favoring reopening of Cahoon park pool. The Mayor won this battle already. Too much work and energy and time spent will be required for a committee that will end up fighting amongst themselves anyway.

              1. Donald Daugherty Declared he did not want to beat a dead horse AND then proceeded to do just that by beating the dead horse called The dismantled Cahoon park pool. Headline should have read ” a biased architects assessment”

                1. 76 year old Clint Cooper did not miss the opportunity to excoriate the Roswell MVD and attack those who unilaterally shut down Cahoon park pool.

                  Ron Malone got some free advertising for Assurance Home Incorporated in his letter to editor which was in the form of a religious thank you note. Is the ranch youth shelter a for profit business?

                2. Thanks Jeff Tucker for informing me city councilor art Sandoval voted to to raise Roswell sales taxes to pay for an aquatic center and a rec center. With idiots like Donald Daugherty wanting to reopen derelict cahoon park pool, we will take our retirement money to Florida!

              2. Hartwick raises public awareness about the likelihood of being hit by uninsured inebriated motorists. A real concern in this very poor town with low paying jobs

              3. WTF, Hartwick just donated $50,000 to reopen Cahoon park pool for the upcoming HOT summer months. The city attorney told Gary he would have to carry liability insurance for injuries or perhaps even unwanted pregnancies for girls wearing skin tight thong bikinis. Engineering firm from Albuquerque Southwest Geophysical Consulting used land penetrating radar to show THERE ARE NO SINKHOLES!!! AS OUR INCOMPETENT MAYOR CLAIMED!!!

                I hope Dan Gage and Natasha Mackey will use their immense influence to oust our out of control “still yearning for his glory days in the FBI” Mr. Kintigh.

                1. Diana Meier aptly calls Kintigh’s forceful handling of the cahoon park aquatic center fiasco a boondoggle. REPAIR NOT REPLACE REPAIR NOT REPLACE, REPAIR NOT REPLACE, REPAIR NOT REPLACE, REPAIR NOT REPLACE. Gross receipts tax collection is a beeeatch in this town full of poor people! Get your head out of your conceited ass Mayor!!

                2. I hope the Del Jurney has enough support to unseat Mayor Dennis Kintigh who plans to run for a second term!!

                3. Kerry Moore defines the terms reactive, proactive, and inactive(characterizes many of the morbidly obese Roswell citizen)

                  Moore also laments the increased interaction between the elderly and the youth due to abrupt closure of Yucca and Cahoon.

    2. Shawn Capes implores citizens to fight in order to avoid pool closure. Her weak argument that the closing of Cahoon pool lowering property value of surrounding homes is bullshit. Beat the summer heat by staying indoors with your swamp cooler blowing cool air. She is right that NMMI is not interested in adding campus traffic for additional swimmers at Godfrey.

      1. She does a nice job as lead Social Studies instructor at Roswell High School. Shawn is an excellent people person and interfaces well with irate parents, of which, there are many.

        She manages a very eclectic and talented group of educators. NIce to see RISD is getting their money’s worth out of former NMMI Bronco football coach. My history teacher in Middle School was also a very good history teacher as I am sure Coach Lynn is.

        Jeff Lynn
        Travis Ackerman
        Marcos Franco
        Debora Munoz
        James Vernon
        Lewie Montgomery

Leave a Reply

Your email address will not be published. Required fields are marked *