Notices of Value for the new year come out generally in Late March and you have 30 days normally from the date of mailing of the form if you wish to protest your Dona Ana county taxes. If you feel your taxes are not assessed fairly you can call the Dona Ana County Assessor and protest your property taxes. Fill out the protest form and then send it in to the Assessor before the deadline is up.
It is important to note that taxes in Dona Ana County are paid in Arrears so the Assessor is letting you know what your taxes for next years payment will be at the beginning of this year. There is no guarantee that your protest of your Dona Ana County property Taxes will be upheld but it doesn’t hurt to try.
Property taxes are due in 2 parts, November 10th and 2nd half taxes are due April 10th. Please not that when you pay your first half taxes on time the assessors log will still show all of it due. They wont change it to paid until both halfs are received by the assessor. If you have a question you can go to the Dona Ana County Assessors FAQ page.
Click on the link 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 .027868. $150,000 divided by 3 is $50,000 subtract $2,000 head of household exemption for $48,000 x.027868. The property taxes would be $1337.66 or $111.47 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.
Appraisals are conducted every other year and 2011 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.
Pay your property taxes on time. This is an important Seller tip and it is discussed on my Las Cruces sellers tips page.