What is a property tax assessment board?

A property tax assessment board is an agency responsible for calculating the value of a property for taxation purposes. The board is typically appointed by the county treasurer and composed of two to five members with expertise in local property evaluations. The board is tasked with determining the fair market value of a property based on information from an appraiser or assessor, such as size, condition, and location of the property. They then determine a taxable value of the property and make any necessary adjustments based on special considerations, such as exemptions or abatements. The property tax assessment board is also responsible for hearing appeals from property owners who believe they are being overtaxed due to incorrect calculations. The board will review the submitted evidence, listen to testimony from the property owner, and make a final decision. Ultimately, the decisions made by the property tax assessment board will dictate the taxes each property owner pays in New Mexico.

Related FAQs

What is a “circuit breaker” tax?
How can I dispute my property tax assessment?
What is an assessment ratio?
What are the common exemptions to property tax?
What are the common exemptions to property taxes?
What is a property tax abatement?
What is a property tax assessment appeal process?
What is a tax assessment?
What is a property tax lien?
How often do property taxes need to be paid?

What is a property tax assessment board?

Related FAQs

Related Blog Posts