What is a Property Tax Levy?

A property tax levy is a tax imposed on real estate and personal property by the state, county, or municipality. In New Mexico, property taxes are assessed and collected by the county’s treasurer. A property tax levy is a tax rate set by the local governing body, such as the county commission or city council, which is applied to the assessed value of a property. The property tax levy is based on the assessed value of a property, which is determined by a number of factors, including the type of property, its age, condition, and location. The assessed value is then multiplied by the tax levy rate, which is determined by the local governing body, to arrive at the total amount of property taxes due. Property tax levies are important sources of revenue for local governments. They are used to pay for a variety of public services such as infrastructure, public safety, health services, parks and recreation, and other services. In New Mexico, property taxes are the primary source of revenue for the county’s general fund. The amount of a property’s tax bill is determined by the amount of the tax levy for the local jurisdiction in which the property is located. Property tax levies vary from county to county, and may change from year to year. Property owners are responsible for paying the full amount of their property taxes each year; failure to do so can result in penalties or foreclosure.

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What is a Property Tax Levy?

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