Example of Santa Fe County Property Tax Calculation
A property owner in Santa Fe County can calculate their property tax by multiplying the assessed value of their property by the county's current tax rate. For example, if a property has an assessed value of $200,000 and the tax rate is 0.02, the property owner would owe $4,000 in property taxes for the year. The county's tax rate may vary depending on a number of factors, including the local budget and the needs of the community. Property owners can typically find their assessed value and tax rate information on their tax bill or by contacting the county's tax assessor's office.
If you want appeal your property tax assessment - contact your local tax assessor.
Santa Fe County Property Tax Rates
The Santa Fe County Property Tax rates are:
| Tax Type | Rate per $100 of Assessed Value |
|---|---|
| General Property Tax | $0.0284 |
| Library Tax | $0.0064 |
| Road Fund Tax | $0.0026 |
| Open Space and Trails Tax | $0.0061 |
Please note that these rates are subject to change and may vary based on individual property assessments. It is recommended that taxpayers consult with a qualified tax advisor or the Santa Fe County Taxation and Revenue Department for up-to-date information on property tax rates and calculations.
Who sets property tax rates in Santa Fe County ?
In Santa Fe County, property tax rates are set by the Board of County Commissioners. This group of elected officials meets annually to determine the tax rates for both residential and commercial properties within the county. The rates are based on a formula that takes into account the assessed value of the property and the needs of the county budget.
Here is a breakdown of the process for setting property tax rates in Santa Fe County:
| Who sets the rates | Board of County Commissioners |
|---|---|
| When are the rates set | Annually |
| What factors are considered | Assessed value of the property, county budget needs |
| Who is affected | All property owners within Santa Fe County |
As a tax advisor, it's important to keep track of the annual property tax rates in Santa Fe County to ensure your clients are aware of any changes that may affect their taxes.
Homestead exemptions in Santa Fe County ?
Table: Homestead Exemptions and Deductions in Santa Fe County, New Mexico
| Exemption/Deduction | Eligibility | Amount | Notes |
|---|---|---|---|
| Veteran's Exemption | Veteran | Varies | Must have served during a period of war or conflict |
| Disabled Veteran's Exemption | Disabled veteran | Varies | Must be a wartime or peacetime veteran with a service-related disability, rated at 100% permanent and total by the VA |
| Head of Household Exemption | Head of household | Varies | Must be a head of household, unmarried, and financially responsible for dependents |
| Senior Exemption | Age 65 or older | Varies | Must be at least 65 years of age or older |
| Low-Income Exemption | Income < $32,000 | Varies | Must have an income of less than $32,000 per year |
| Disabled Exemption | Disabled | Varies | Must be totally and permanently disabled |
| Blind Exemption | Blind | Varies | Must be legally blind |
Note: Amount varies depending on the assessed value of the property.
It is important to note that these exemptions and deductions are specific to Santa Fe County in New Mexico. Eligibility requirements and amounts may vary in other counties or states. Homeowners should consult with their local tax assessor's office for more information.
When is Santa Fe County Property Tax due ?
Santa Fe County Property Tax is typically due on November 10th of each year. There are several payment methods available to taxpayers, including:
Payment Methods
| Method | Description |
|---|---|
| Online | Taxpayers can pay their property taxes online using a credit card or electronic check through the county's website. |
| Taxpayers can also mail their property tax payments to the County Treasurer's Office. The mailing address is: P.O. Box 276, Santa Fe, NM 87504. | |
| In-Person | Taxpayers can pay their property taxes in person at the County Treasurer's Office, located at 102 Grant Avenue, Santa Fe, NM 87501. |
It is important to note that if the due date falls on a weekend or holiday, the deadline is automatically extended to the next business day. Additionally, taxpayers who are unable to pay their property taxes in full by the due date may be eligible for a payment plan. They can contact the County Treasurer's Office for more information.
In conclusion, Santa Fe County Property Tax is typically due on November 10th of each year. Taxpayers have several payment options, including online, mail, and in-person. If taxpayers are unable to pay their property taxes in full by the due date, they may be eligible for a payment plan.
If you have more questions - contact your local tax collector.
How is Santa Fe County Property Tax penalty calculated ?
Santa Fe County Property Tax Penalty Calculation
When a property owner in Santa Fe County fails to pay their property taxes on time, they may be subject to penalties and interest. The penalty for late payment is calculated as a percentage of the outstanding taxes owed.
The penalty for late payment is calculated as follows:
- 1% penalty for payments made within the first month after the due date
- An additional 1% penalty for each additional month after the first month up to a maximum of 5%.
For example, if a property owner in Santa Fe County owes $10,000 in property taxes and fails to pay by the due date, the penalty calculation would be as follows:
| Month | Balance | Penalty |
|---|---|---|
| 1 | $10,000 | $100 |
| 2 | $10,100 | $100 |
| 3 | $10,200 | $100 |
| 4 | $10,300 | $100 |
| 5 | $10,400 | $100 |
As seen in the table, the penalty starts with 1% of the balance, which is $100 in this case, and increases by another 1% each month thereafter. After five months, the penalty would reach the maximum of 5%, which would be $500 in this case.
It is important to note that interest is also charged on the outstanding balance, which is calculated at a rate of 1% per month. This means that the longer the balance goes unpaid, the more interest will accrue on top of the penalties.
In conclusion, property owners in Santa Fe County should make sure to pay their property taxes on time to avoid penalties and interest. If they are unable to pay on time, they should contact the county tax assessor’s office to discuss payment options or possible penalty waivers.
We recommend contacting the Santa Fe County Tax Office or a local tax professional for the most up-to-date and accurate information.