New Mexico Administrative Code
Title 3 - TAXATION
Chapter 6 - PROPERTY TAXES
Part 1 - GENERAL PROVISIONS
Section 3.6.1.11 - NET TAXABLE VALUE - EXAMPLE
Universal Citation: 3 NM Admin Code 3.6.1.11
Current through Register Vol. 35, No. 18, September 24, 2024
The phrase "net taxable value" as defined in Section 7-35-2 NMSA 1978 is calculated for residential property in the manner shown in the following example:
| Value of property upon which property tax is imposed (full value) | $ 100,000 |
| Times the Tax Ratio | x .333333 |
| Taxable value | $ 33,333 |
| Less the Head of Household Exemption | - 2,000 |
| Net taxable value | $ 31,333 |
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