New Mexico Sample Letter for Exemption of Ad Valorem Taxes
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How to fill out Sample Letter For Exemption Of Ad Valorem Taxes?
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FAQ
This exemption is a two thousand dollars ($2,000) reduction of the taxable value of residential property subject to the tax if the property is owned by the head of family who is a New Mexico resident.
The main types of ad valorem taxes include property taxes and sales tax. An ad valorem tax is a tax that is calculated based on an assessed value and a tax rate.
How is ad valorem tax calculated? It is calculated by multiplying the property's assessed value with the tax rates applied. For example, if A buys a car worth $1000 and the rate applied is 4%, the tax applicable is 1000*4/100 = 1000*0.04 = $40.
This tax is computed by multiplying the assessed value of the property by the millage rate applicable to each property. The millage rate is expressed as a multiple of 1/1000 of a dollar.
Exemptions are available for qualifying homeowners. If a homeowner disagrees with a property valuation, remedies are available as described under Section 7-38-21 NMSA 1978. View more information about Property Tax Division. Click on the link to locate contact information for your County Official.
