Tax & Accounting Blog

New Mexico Property Tax on Real Property When it is Divided or Combined

ONESOURCE, ONESOURCE Property Tax, Software April 8, 2013

For valuation of property when it is divided or combined, the county is to determine the taxes, penalties and interest due on the property by using the prior year’s tax rate, if the current rate has not been set, and the prior year’s value, if the current value has not been set, and proceed to immediately collect the taxes through the taxable year in which the property is divided or combined.

The taxpayer is required to pay the taxes, penalties and interest due on real property divided or combined through the taxable year in which the property is divided or combined prior to filing a plat.