Low property taxes!

Grant County's and New Mexico's residential
and commercial property taxes are among the
lowest in the United States.

New Mexico property tax rates depend on property type and location. A site's location within a city, school district or unincorporated part of the county will influence the tax rates assessed, as will a residential or non-residential property classification.

For residential property, the tax rate in New Mexico ranges from $8 to $48 per $1,000 of net taxable value after exemptions are taken. In Grant County, this range is from a low of $12.95 per $1,000 of net taxable value after exemptions to a maximum of $18.21 per $1,000 of net taxable value after exemptions, so Grant County is on the mid- to low-end of the property tax scale compared to the rest of the state.

For non-residential property, the tax in New Mexico ranges from $11 to $48 per $1,000 of net taxable value. In Grant County, this range is from a low of $18.58 per $1,000 of net taxable value after exemptions to a max of $24.64 per $1,000 of net taxable value after exemptions, so the County is in the mid- to low-end of the commercial property tax scale compared to the rest of the state.

There are property tax exemptions for some categories of homes and businesses, including the family exemption. Also, for home assessments, the taxes to be paid are based on one-third of appraised value. A Silver City home owner of a home appraised at $90,000 would pay, for example, one-third of $90,000 multiplied by the appropriate tax rate, depending upon tax juridiction. As an example, this home owner might pay $30,000 x 0.014956, or about $450 per year.

This example is provided for reference only, and tax appraisals and tax rates are subject to change.

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

Please note that data provided regarding property tax is for general informational use only. Please consult a real estate professional for more information.