Owners of real property and manufactured homes are required by Section 7-38-8 NMSA 1978 to declare no later than the last day of February of each year certain changes in value of their property occurring within the prior calendar year. Property is valued as of January 1 of each year.
By around April 1 of each year, County Assessors mail Notices of Valuation as required by Section 7-38-20 NMSA 1978. The notice informs homeowners of the full value and net taxable value of their property for that year. The net taxable value on the notice is the basis of a tax bill mailed from the county treasurer’s office later in the year.
Exemptions are available for qualifying homeowners. If a homeowner disagrees with a property valuation, remedies are available as described under Section 7-38-21 NMSA 1978.
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