N.M. Admin. Code § 3.6.1.11
Current through Register Vol. 35, No. 21, November 5, 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 |
N.M. Admin. Code § 3.6.1.11