How often do property taxes need to be paid?

Property taxes in New Mexico need to be paid annually. Property owners must submit their tax payments on or before the first of June every year. The New Mexico Taxation and Revenue Department collects and disburses all property taxes to local jurisdictions. The taxation office will mail out the annual property tax statements to property owners in April and the tax is due on or before June 1 of that same year. Property owners should make sure to keep the payment receipt as proof of payment. If the taxes are not paid by June 1, the property owner will receive a penalty and interest may be added to the bill. Property owners should also keep in mind that the taxes can fluctuate from year to year due to changes in property values. If the property value decreases, the property tax could also reduce. However, if the property value increases, the property tax amount may also increase. In general, property taxes need to be paid annually in New Mexico. If they are not paid on time, the owner will receive a penalty and may have to pay interest on top of the amount owed. It is important to stay informed of any changes in property values so you can adjust your payments accordingly.

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