What is the average property tax rate in my state?

The average property tax rate in New Mexico is 0.888%. This rate varies by county, but the statewide average is 0.888%. The property tax rate is set by local taxing authorities. Taxes are levied on the total assessed value of a property. The average property tax rate is determined by adding the taxes levied by each taxing authority and dividing by the total assessed value of all the properties in New Mexico. The property tax rate varies depending on the county. Some of the highest property tax rates can be seen in the areas surrounding Albuquerque, Santa Fe, and Las Cruces, where the rates tend to be around 1%. In rural areas of the state, the rates tend to be lower, such as 0.3% in the northeastern corner of the state. Property taxes are collected mainly to fund public services, such as schools and infrastructure. The amount of tax revenue generated on a property is also determined by the value of the property. Properties with higher values tend to generate more tax revenue. Property taxes can be a significant expense for many homeowners in New Mexico, and the tax rates can vary greatly from county to county. It is important to know the rate in your area in order to plan for how much you will owe each year.

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