Example of Luna County Property Tax Calculation
Luna County calculates property taxes based on the assessed value of the property. For example, if a home is assessed at $100,000, and the current tax rate is 1%, the property tax would be $1,000 per year. The county may also assess additional fees or taxes for specific services, such as school districts or fire departments. These fees are added to the base property tax rate to determine the final cost. It is important to note that property values and tax rates may change over time, resulting in fluctuations in property tax payments. Luna County residents can contact the county assessor's office for more information on property tax calculations and payment options.
If you want appeal your property tax assessment - contact your local tax assessor.
Luna County Property Tax Rates
Here is a table of Luna County Property Tax rates:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| General Property Tax | $0.025 |
| School District Tax | $0.0231 |
| State Equalization Tax | $0.0038 |
| Total Tax Rate | $0.0519 |
It's important to note that these rates are subject to change and individuals should consult with a qualified tax professional for the most up-to-date information.
Who sets property tax rates in Luna County ?
Who sets property tax rates in Luna County?
The Luna County Board of Commissioners sets the property tax rates in Luna County. This board is composed of elected officials who are responsible for making decisions that affect the community, including establishing the tax rate.
When are property tax rates set in Luna County?
The Luna County Board of Commissioners sets the property tax rates annually in July. This is when the county budget is approved and the amount of funding needed to support the county's services and programs is determined. The property tax rates are then set accordingly to generate the necessary revenue to cover these expenses.
| Who sets property tax rates in Luna County? | The Luna County Board of Commissioners |
|---|---|
| When are property tax rates set in Luna County? | Annually in July, as part of the county budget approval process |
Homestead exemptions in Luna County ?
To better understand the county specific Homestead exemptions and deductions in Luna County, New Mexico, a table with four columns has been created. The table columns include exemption, eligibility, amount, and notes.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Senior Exemption | Age 65 or older and owns the property as their primary residence for at least two years | Up to $2,000 | Must apply annually |
| Veteran's Exemption | Served in the military and owns the property as their primary residence | Up to $4,000 | Must provide proof of military service |
| Disabled Veteran's Exemption | Served in the military and has a service-related disability | Up to $8,000 | Must provide proof of military service and disability |
| Head of Household Exemption | Single parent with dependent children, owns the property as their primary residence for at least two years | Up to $2,000 | Must provide documentation of dependent children |
| Low-Income Exemption | Annual income is less than $32,000 and owns the property as their primary residence for at least two years | Up to 50% | Must provide proof of income |
| Firefighter/Police Officer Exemption | Currently employed as a firefighter or police officer and owns the property as their primary residence | Up to $2,000 | Must provide proof of employment |
It's important to note that these exemptions and deductions are county specific and may differ from other counties in New Mexico. Homeowners who are eligible for these exemptions must apply annually and provide the necessary documentation to receive them. Additionally, the Low-Income Exemption is based on the owner's annual income and may change from year to year. To ensure eligibility and accurate information, it's best to contact the local assessor's office in Luna County.
When is Luna County Property Tax due ?
According to official sources, Luna County Property Tax is typically due on December 10th of each year. Property taxes are paid in arrears, meaning that the tax payment covers the previous year's property taxes.
There are several payment methods available for Luna County Property Tax. The payment options include online payment, payment by mail, payment in person, and payment via drop box.
Online payment can be done by visiting the Luna County Treasurer's website and following the instructions for payment. Payment by mail can be done by sending a check or money order to the Luna County Treasurer's office. Payment in person can be done by visiting the Luna County Treasurer's office during business hours. The office is located at 700 S. Silver Ave, Deming, New Mexico. Payment via drop box can be done by depositing a check or money order in the drop box located outside the Luna County Treasurer's office.
It is important to note that if the property owner fails to pay the taxes by the due date, interest and penalties will be added to the tax amount. Therefore, it is advisable to make the payment on or before the due date to avoid any additional fees.
In summary, Luna County Property Tax is typically due on December 10th of each year, and there are several payment methods available including online payment, payment by mail, payment in person, and payment via drop box. Property owners are advised to make the payment on or before the due date to avoid interest and penalties.
If you have more questions - contact your local tax collector.
How is Luna County Property Tax penalty calculated ?
Luna County Property Tax penalties are calculated based on the amount of unpaid taxes and the length of time they remain unpaid. The penalty is applied monthly and increases as the unpaid balance increases.
Here is an example of how the penalty is calculated for a property with an unpaid tax balance of $5,000:
| Month | Penalty Rate | Penalty Amount |
|---|---|---|
| 1 | 1% | $50 |
| 2 | 2% | $100 |
| 3 | 3% | $150 |
| 4 | 4% | $200 |
| 5 | 5% | $250 |
| 6 | 6% | $300 |
| Total Penalty | 21% | $1,050 |
In this example, if the property owner did not pay their property taxes for six months, they would incur a penalty of 21% on top of their $5,000 unpaid tax balance, resulting in a total payment due of $6,050 ($5,000 + $1,050 penalty). It's important for property owners in Luna County to make timely tax payments to avoid incurring these penalties.
We recommend contacting the Luna County Tax Office or a local tax professional for the most up-to-date and accurate information.