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Questions and Answers
Q: What is property valuation?
A: The value set on property by the County Assessor is an estimate of the assessed value of your property using standard and acceptable appraisal methods according to State law.
Q: What is net taxable value?
A: Taxable value is one-third of total assessed value minus qualifying exemptions such as head of household or veteran. The taxable value is used to calculate the tax you pay to Sandoval County, State government debt service bonds, school districts, cities in municipal areas and other agencies.
Q: What is Notice of Valuation?
A: A notice of valuation informs you of the value of your property for that year. This is not a tax bill. A tax bill from the Treasurer's Office based on your property's net taxable value will be mailed by Nov. 1 of each year. It's very important that you review the valuation amount as it ultimately determines the amount of property tax you will pay.
Q: How do I notify you of my address change if I move?
A: Address changes are accepted by the Assessor's Office by written request or in person. Additionally, a change of address form is included with the Notice of Value.
Q: How do I get a head of family exemption?
A: An exemption of $2,000 off the value of your home is allowed for qualifying homeowners. To qualify for the current tax year, homeowners need to apply at the Assessor's Office between Jan. 1 and Feb. 28. Once the exemption is granted, it automatically applies in later years until the home is sold.
Q: Do I qualify for a veteran’s exemption?
A: The New Mexico Veteran's Service Commission determines eligibility requirements and issues certificates of eligibility for qualifying veterans or surviving spouses to receive a $3,500 exemption from the net taxable value of their homes. The certificate of eligibility must be submitted to the Assessor's Office by no later than 30 days after the mailing of the Notice of Value in order to qualify for the exemption for the current tax year. Once granted,the exemption is applied in following years without having to reapply. Applications are available from the Assessor's Office or contact the Veteran's Services Commission in Santa Fe, 827-6300, for details on eligibility requirements.
Q: Do low-income elderly or low-income disabled residents qualify to have the valuation of their homes "frozen" for taxation purposes?
A: Elderly or disabled homeowners may qualify to have the value of their single-family dwelling "frozen" and protected from increases for taxation purposes if they live in the home and meet specific criteria. The limitation is available only for homeowners who are disabled or ages 65 years and older who live in the home and have a modified gross income as defined by State law of less than $19,700 for 2005. Applications are available from the Assessor’s Office and must be completed each year in order to receive the limitation in value increases. Proof of age, occupancy and income levels are required. Once the criteria is met, the value of the property for taxation purposes will not be more than the value assigned to the property in the 2001 tax year or the year in which the owner reached age 65, whichever is later.
Q: Must my manufactured home be assessed?
A: Yes, under State law. The Assessor's Office will require a copy of the manufactured home registration or title, and the property address or location. The manufactured home will be assessed by determining value minus depreciation and other justifiable factors. The value of land is not included in the assessed value for manufactured homes.
Q: What if I sell my manufactured home?
A: You must obtain a tax release from the Assessor's Office showing all taxes have been paid before you sell, move or trade a manufactured home that is not placed on a permanent foundation. The Assessor's Office will require proof of ownership before issuing a tax release.
Q: Are special methods of valuation available for agriculture and grazing lands?
A: Yes. The State Legislature has given special valuation status to property used primarily for agriculture and grazing.
Q: How can I qualify for special methods of valuation for agriculture and grazing lands?
A: Applications are available from the Assessor's Office that must be submitted by the end of February each year. Appraisers will determine whether the primary use of your property is agricultural based on types of products being produced and the acreage. The Assessor's Office may request agricultural income and expense information from owners applying for agricultural valuation status, as reported on IRS Schedule F.