Example of Catron County Property Tax Calculation
In Catron County, the property tax is calculated based on the assessed value of the property. The assessed value is determined by the County Assessor's Office using a set formula that takes into account the size of the property, the value of any improvements made to the property, and its location.
Once the assessed value is determined, it is multiplied by the millage rate, which is set by the County Commissioners. For example, if the assessed value of a property is $100,000 and the millage rate is 20 mills, the property tax would be $2,000.
It's important to note that some properties may qualify for exemptions or deductions that can lower the taxable value and ultimately the property tax owed. These exemptions and deductions vary and can be obtained through the County Assessor's Office.
Overall, Catron County property tax calculation involves determining the assessed value of the property and multiplying it by the millage rate set by the County Commissioners.
If you want appeal your property tax assessment - contact your local tax assessor.
Catron County Property Tax Rates
The Catron County Property Tax rates are as follows:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| General Property Tax | $0.0197 |
| School District Property Tax | $0.0684 |
| Community College Property Tax | $0.0079 |
| Soil and Water Conservation District Property Tax | $0.0010 |
It is important for taxpayers in Catron County to be aware of these rates when calculating their property tax payments.
Who sets property tax rates in Catron County ?
In Catron County, property tax rates are set by the Catron County Commission. This is typically done during a public meeting held in July or August each year. The commission receives input from the county assessor's office and other stakeholders in order to determine a fair and equitable tax rate for all property owners in the county.
Property tax rates are based on the assessed value of a property, which is determined by the county assessor's office. The assessment is based on a variety of factors, including the size, location, and condition of the property. Once the assessed value is determined, the tax rate is applied to calculate the amount of property tax owed.
It is important for property owners in Catron County to understand the property tax rate and how it is calculated, as property taxes are a significant source of revenue for the county. They can contact the county assessor's office or attend public meetings held by the Catron County Commission to stay informed about changes to property tax rates.
Homestead exemptions in Catron County ?
To help homeowners in Catron County, New Mexico, here's a breakdown of the county-specific Homestead exemptions and deductions available:
Homestead Exemptions
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead | Available to all homeowners | $2,000 | Applies to the value of the homeowner's primary residence |
| Veteran's Homestead | Available to veterans or their surviving spouses | $4,000 | Applies to the value of the homeowner's primary residence |
| Disabled Veteran's Homestead | Available to disabled veterans or their surviving spouses | $8,000 | Applies to the value of the homeowner's primary residence |
| Disabled Person's Homestead | Available to homeowners with a disability | $3,000 | Applies to the value of the homeowner's primary residence |
| Low-Income Homestead | Available to homeowners with a low income | Varies | Homeowner must meet income eligibility requirements |
Deductions
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Head-of-Household | Available to single parents, who are the primary caregiver for their children | Varies | Homeowner must meet income eligibility requirements |
| Senior Citizen | Available to homeowners over 65 years old | Varies | Homeowner must meet income eligibility requirements |
It's important to note that these exemptions and deductions are specific to Catron County in New Mexico. Homeowners in other counties may have different options available to them.
When is Catron County Property Tax due ?
According to the Catron County Treasurer's Office, property taxes are typically due on November 10th each year. There are several payment methods available, including:
| Payment Method | Details |
|---|---|
| Online | Property owners can pay their taxes online using a credit card or e-check through the county's website. |
| Checks or money orders can be mailed to the Catron County Treasurer's Office along with the payment stub from the tax bill. | |
| In-Person | Payments can be made in person at the Treasurer's Office during regular business hours. Cash, checks, and money orders are accepted. |
It's important to note that failure to pay property taxes on time can result in penalties and interest charges. Additionally, if taxes remain unpaid for an extended period of time, the property may become subject to foreclosure. Property owners should be sure to mark their calendars and take advantage of the available payment methods to ensure timely payment of their property taxes.
If you have more questions - contact your local tax collector.
How is Catron County Property Tax penalty calculated ?
Catron County Property Tax Penalty Calculation
When a property owner in Catron County fails to pay their property taxes on time, they are subject to penalties and interest charges. The penalty for delinquent property taxes is calculated as a percentage of the unpaid taxes, and accrues monthly until the taxes are paid in full.
The penalty rate for delinquent taxes in Catron County is 1.5% per month, or 18% per year, starting from the due date of the taxes. For example, if a property owner owes $1,000 in property taxes that are due on April 10th, and they do not pay until June 10th (two months late), the penalty would be calculated as follows:
- Original tax amount: $1,000
- Penalty rate: 1.5% per month
- Penalty period: 2 months
- Penalty amount: $30 (1.5% x $1,000 x 2 months)
In addition to the penalty, interest is also charged on unpaid taxes at a rate of 1% per month, or 12% per year.
If the property owner fails to pay their delinquent taxes and penalties, the county may initiate foreclosure proceedings to collect the debt. It is important for property owners to pay their property taxes on time to avoid accruing penalties and interest, and to maintain ownership of their property.
Summary Table:
| Property Tax Penalty Rate | 1.5% per month |
|---|---|
| Interest Rate | 1% per month |
| Penalty Calculation | Penalty = (Tax Amount x Penalty Rate x Penalty Period) |
| Example | $1,000 in taxes due on April 10th, paid on June 10th (two months late) |
| Penalty Amount | $30 (1.5% x $1,000 x 2 months) |
We recommend contacting the Catron County Tax Office or a local tax professional for the most up-to-date and accurate information.