Property Tax Lawyers in Santa Fe
Santa Fe, New Mexico laws require that most owners of real property pay taxes on its value. "Real property" refers to building and land, and objects (like natural resources) that are permanently attached to the land.
Santa Fe, New Mexico calculates property taxes simply by taking a percentage of the property's value. Usually, they are paid on a yearly or monthly basis.
Generally, property taxes are not levied by the federal government. This applies to everywhere in the U.S.. Usually, property taxes are imposed by state and local governments.
How Property Tax is Calculated in Santa Fe, New Mexico
Usually, Santa Fe, New Mexico property taxes are decided as a percentage of the property's value. Tax rates differentiate widely, but they typically run from less than 1% up to about 5%.
In order to impose this tax, the government of Santa Fe, New Mexico initially has to decide the taxable value of a piece of property.
Value, in some ways, is not an objective thing. For instance, your childhood home is likely worth much more to you than its simple market value. Nonetheless, the tax authorities use only objective factors in calculating a home's taxable value.
To this end, the Santa Fe, New Mexico appraiser will look at things like the state of the real estate market, the size of the land, the existence of additions to the land such as buildings, and the way in which the property is zoned.
How A Santa Fe, New Mexico Property Tax Attorney Can Help.
The system of levying property taxes in Santa Fe, New Mexico can get very perplexing. Disagreements about property taxes, between the taxpayer and the tax authorities, can come up in several different ways. A taxpayer may believe that an error was made in calculating their property's taxable value, resulting in bigger tax bill. Also, the state or city government might allege that you have failed to pay your property taxes, while you believe that you have.
If you are involved in a property tax dispute with the tax authorities of Santa Fe, New Mexico, you should seek the advice of a Santa Fe, New Mexico tax attorney. Your attorney can help you prevent a small tax problem from turning into something much bigger and more expensive than it needs to be.