Steps to Forming a Tax Bill
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Assessor appraises property.
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Assessor reports values to New Mexico Department of Finance and Administration (DFA).
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Budgets are constructed and reported to DFA.
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DFA calculates yield in compliance with yield control laws for operational budgets. DFA also checks tax rates for Bond Issues that have been voted on by taxpayers.
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DFA checks budgets for compliance with New Mexico Statutes.
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DFA submits proposed tax rates to County Commissioners.
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County Commissioners approve tax rates.
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Assessor issues a Tax Roll to the County Treasurer based on the mill rate and taxable values.
Formula for Calculating Tax Amounts
- Appraised Value is divided by 3 to get the Assessed Value.
- Exemptions are subtracted from the Assessed Value to get the Taxable Value.
- Taxable Value is multiplied by mill rate then divided by 1,000 to determine yearly taxes.
See the
Chaves County Assessor’s Office webpage for mil rate and exemptions information.