Example of Calculating Applicable Tax, Grant County Information

Taxable value on real and personal property is one third of the total appraised value, minus any allowable exemptions, such as head-of-household or veteran's exemptions. Property in New Mexico is classified as residential or non-residential and is taxed at different rates.

Example Of Calculating Applicable Tax

Full Value Of Property	Appraised Value	$ 100,000
Calculate Taxable Value	Appraised Value / 3 $ 100,000 / 3	$ 33,333
Subtract Exemptions	Head of Family = $ 2,000 Veterans Exemption = $ 4,000 $2,000 + $4,0000 = $ 6,000	- $ 6,0000
Net Taxable Value		$ 27,333
Calculate Total Taxes Owed	Net Taxable Value * Mil Rate $ 27,333 * 0.016869	$ 461.08

District 01-I : In the city limits of Silver City at 2007 residential tax rate of 0.016869. see below for 2007 Tax Rate

TAX DISTRICT	CLASS	2006	2007
01-I	Residential	0.016373	0.016869
01-I	Non-residential	0.023262	0.023888
01-O	Residential	0.014881	0.015448
01-O	Non-residential	0.020608	0.021276
02-B	Residential	0.019245	0.019636
02-B	Non-residential	0.025812	0.026364
02-C	Residential	0.018700	0.019075
01-I	Non-residential	0.024848	0.025409
02-H	Residential	0.019319	0.019704
02-H	Non-residential	0.024165	0.024753
02-O	Residential	0.018021	0.018413
02-O	Non-residential	0.023587	0.024139


	You may also be interested in these stories and documents: 2009 Tax Rates here are the 2009 Tax Rates. Read more... About the County Assessor The Grant County Assessor is an elected official who is responsible for valuing all real and personal property for taxing authorities in the County. Read more... Forms and Documents for the Assessor's Office Forms & Information Read more... Mission Statement and Office Directory Contact us Read more... Questions about the Assessor's Office WHAT DOES PROPERTY VALUATION MEAN? Read more... Tax Year Calender Importain dates property owners should know Read more...