Wednesday, September 11, 2013
Bernalillo County has received the 2013 property tax rates from the State of New Mexico. The Board of County Commissioners acknowledged receiving the tax rates with a formal vote, an action required by law for all state counties.The New Mexico Department of Finance and Administration (DFA) sets tax rates for all counties, municipalities and other entities, such as the City of Albuquerque, University Hospital, APS and CNM; and DFA sets varying tax rates for all entities based on a complex yield control formula that takes several factors into consideration. Residents may pay about $17 more on a home assessed at $100,000, assuming the valuation remained flat between 2012 and this year.
“This year, the overall net taxable value of property in Bernalillo County dropped about 1-percent,” says Deputy County Manager for Finance Teresa Byrd. “However, the state’s yield control formula calculated a rate that may raise property taxes slightly.
“The county has reached out to DFA officials over the years to brainstorm about ways to adjust the yield control formula to help stabilize tax rates,” says Byrd. “We will continue to work with the state to fine tune the process, understanding that any change made to the state’s formula for tax rates requires legislative action.”
The county Treasurer’s Office will use the new tax rates to calculate individual tax bills that will be mailed out in November. The treasurer is also responsible for collecting and distributing the revenue to all entities that get a share of the property tax funding. For information, contact the Treasurer's Office at (505) 468-7031 or visit www.bernco.gov/treasurer/.
Residents are encouraged to take advantage of exemptions and other programs that could lower their tax bill. For more information on those programs, contact the Bernalillo County Assessor’s Office at 505-222-3700 or visit www.bernco.gov/assessor-office/.
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