October 2018

Found 1 blog entry for October 2018.

Many of us are familiar with Homestead Exemptions for property taxes.  In New Mexico, we have a Head of Family Exemption, a Value Freeze (for seniors or for disabled individuals), and a Veterans Exemption.

 

The Head of Family Exemption is a $2,000 reduction of the taxable value of residential property subject to the tax if the property is owned by the head of a family who is a New Mexico resident.  The exemption is deducted from taxable value of property to determine net taxable value of property.  In Santa Fe County, this will result in a property tax savings between $32 and $49 per year. A head of a family is entitled to the exemption in only one county in any tax year even though the claimant may own property in more than one county.  Once this

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