The assessment levied on real estate in New Mexico is based on the assessed value of the property and the local mill levy. This assessment funds essential public services such as schools, libraries, and infrastructure projects. For instance, a property assessed at $200,000 in an area with a mill levy of 20 would have a tax bill of $4,000 annually. Understanding this system is critical for both homeowners and prospective buyers.
Stable and predictable revenue streams for local governments and public services derive from these assessments. Historically, this revenue has been instrumental in supporting community development and ensuring the consistent delivery of essential services. By contributing to these funds, property owners play a vital role in the sustained growth and well-being of their communities.