Example of Socorro County Property Tax Calculation
In Socorro County, the property tax is calculated by multiplying the assessed value of the property by the county's millage rate. For example, if a property is assessed at $100,000 and the county's millage rate is 25 mills, then the property tax would be $2,500 (100,000 x 0.025 = 2,500).
It's important to note that the assessed value is determined by the county assessor's office and may be different from the appraised value or market value of the property. The millage rate is set by the county commission and can vary from year to year.
Property owners in Socorro County should receive a tax bill in November and have until April 30th of the following year to pay their property taxes. Failure to pay on time may result in penalties and interest charges.
If you want appeal your property tax assessment - contact your local tax assessor.
Socorro County Property Tax Rates
Here is a table listing the Socorro County Property Tax rates:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County General | $0.8231 |
| County Road | $0.2382 |
| County Health | $0.0681 |
| County Hospital | $0.1174 |
| State Equalization | $0.0037 |
| Total | $1.2505 |
These rates are current as of the time of writing and are subject to change. It's important for property owners in Socorro County to stay informed about their tax rates and any changes that may occur. A tax advisor can be a valuable resource for understanding and managing property taxes.
Who sets property tax rates in Socorro County ?
Property Tax Rates in Socorro County, USA
Property tax rates in Socorro County, USA, are not set by any one individual or government entity. Rather, they are determined by a combination of factors and entities at various levels of government. Below is a breakdown of who sets property tax rates in Socorro County and when:
| Entity | Role | Frequency |
|---|---|---|
| Socorro County Assessor | Determines the value of all taxable property in the county | Annually |
| Socorro County Commission | Approves the budget for county operations and sets the mill levy (tax rate) to fund it | Annually, typically in June |
| State of New Mexico | Sets limits on mill levies that can be imposed by county governments | Periodically, based on legislative action |
It is important to note that while the Socorro County Commission sets the mill levy for the county, it does not have control over the overall amount of property taxes collected. The total amount of property taxes collected is determined by the assessed value of all taxable property within the county, as determined by the Socorro County Assessor.
Therefore, property tax rates in Socorro County are a collaborative effort between the county assessor, county commission, and state government, and are subject to change on an annual basis.
Homestead exemptions in Socorro County ?
In Socorro County, New Mexico, there are various Homestead exemptions and deductions available to homeowners. To help you navigate through these county-specific exemptions, we have created a table with four columns: exemption, eligibility, amount, and notes.
Here is a breakdown of the exemptions and deductions available:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Veteran | Veteran or surviving spouse of a veteran | Up to $4,000 of the assessed value of their property | Must have been honorably discharged and have a disability rating of 100% or have died as a result of military service |
| Head of Family | Homeowner who is a single parent, unmarried person supporting a parent, or a person providing the majority of the support for a dependent | Up to $2,000 of the assessed value of their property | N/A |
| Low Income | Homeowner whose income is below 250% of the federal poverty level | Up to $2,000 of the assessed value of their property | Must provide proof of income |
| Disabled | Homeowner who is permanently and totally disabled | Up to $4,000 of the assessed value of their property | Must provide proof of disability |
It is important to note that these exemptions apply only to a homeowner's primary residence and must be applied for annually by filing with the Socorro County Assessor's Office. Additionally, there may be other requirements for eligibility that are not listed in this table.
Overall, these Homestead exemptions and deductions can provide significant savings for eligible Socorro County homeowners.
When is Socorro County Property Tax due ?
Socorro County Property Tax is typically due on November 10th of each year. There are several payment methods available for taxpayers to pay their property taxes. These include:
| Payment Method | Information |
|---|---|
| Taxpayers can mail their payment to the Socorro County Treasurer's Office. The payment must be postmarked by November 10th to avoid penalties and interest. | |
| In Person | Taxpayers can pay their property taxes in person at the Socorro County Treasurer's Office. The office is located at 200 Church St, Socorro, NM 87801. The office is open Monday through Friday from 8:00 am to 5:00 pm. |
| Online | Taxpayers can pay their property taxes online using a credit card or e-check. There is a convenience fee for using this service. |
It is important to note that failure to pay property taxes on time may result in penalties and interest being added to the amount due. Therefore, it is recommended that taxpayers pay their property taxes before the November 10th deadline using one of the payment methods outlined above.
If you have more questions - contact your local tax collector.
How is Socorro County Property Tax penalty calculated ?
When it comes to Socorro County property taxes, understanding the penalty calculation is essential to avoid any potential late fees or charges. Here's a breakdown of how the penalty is calculated:
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Due Date: Property taxes in Socorro County are due by November 10th each year.
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Late Payment Penalty: If the property owner fails to pay their property taxes by the due date, a penalty will be added to the unpaid balance. The penalty is calculated as follows:
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First Half Payment: If the first half payment is not received by November 10th, a penalty of 1% will be added to the unpaid balance immediately.
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Second Half Payment: If the second half payment is not received by April 10th of the following year, an additional penalty of 1% will be added to the unpaid balance.
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Full Payment: If the full payment is not received by November 10th, a penalty of 2% will be added to the unpaid balance immediately.
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Example: Let's say John owns a property in Socorro County and owes $1,000 in property taxes for the year. He fails to make his first half payment of $500 by November 10th. As a result, a 1% penalty of $5 is added to the unpaid balance, bringing it to $505. If John still fails to make his second half payment by April 10th, another 1% penalty of $5.05 is added to the unpaid balance, bringing it to $1,010.05.
It's important to note that failure to pay property taxes for an extended period can result in additional penalties and even a tax lien on the property. So, it's crucial to stay on top of property tax payments in order to avoid unnecessary fees and complications.
We recommend contacting the Socorro County Tax Office or a local tax professional for the most up-to-date and accurate information.