How are Property Taxes Calculated?

Taxable value on real and personal property is one-third of the total assessed value, minus any allowable exemptions. Net taxable value times the mill rate is total taxes owed. 

For example:  

Full Value of PropertyTotal Assessed Value$150,000
Taxable ValueTotal Assessed Value ÷ 3$50,000
Subtract Exemptions
Net Taxable Value
Calculate Total Taxes OwedNet Taxable Value * Mill Rate
$50,000 * 0.031258

Note:  The New Mexico Department of Finance and Administration may apply the yield control formula to limit the percentage by which total revenue generated by a property tax imposition may grow from year to year.

Show All Answers

1. What is a General Obligation Bond?
2. What is the Current City of Las Cruces GO Bond Outstanding Debt?
3. How much bonding capacity does the City of Las Cruces have for GO bonds?
4. How does the City Pay Down the General Obligation Bonds?
5. What is debt service?
6. What is General Obligation Bond Cycling?
7. Will Property Taxes go Down if I Vote No for the General Obligation Bonds?
8. Will Property Taxes Go Up if I Vote Yes for the General Obligation Bonds?
9. Why Are my Property Taxes Going Up?
10. How are Property Taxes Calculated?
11. What is Assessed Value?
12. What is the Mill Rate?
13. Who Determines the Mill Rate?
14. When the mill rate is established, does it get applied only to existing property or to new property?
15. Will there be future GO Bond Elections?
16. Where can I submit a question?