What are the local and state laws surrounding property taxes?

Property taxes in New Mexico are regulated by both state and local laws. At the state level, the New Mexico Department of Taxation and Revenue administers and collects all property taxes. Depending on where the property is located, the property may be subject to different taxes. At the state level, the amount of property taxes owed is calculated according to the value of the property. This value is determined by a local assessor and is based on the current market value of the property and other factors such as the condition of the property and any improvements that have been made. At the local level, each county or municipality sets its own rates for property taxes. Generally, the higher the value of the property, the higher the rate for property taxes. Local governments also may impose additional fees and taxes, such as special assessment taxes or bond levies. It is important to note that property owners in New Mexico are responsible for assessing their own property taxes. That means they should check with their local assessor and the state Department of Taxation and Revenue regularly to ensure their property taxes are paid on time. Moreover, property taxes must be paid each year or penalties and interest may be imposed.

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What are the local and state laws surrounding property taxes?

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