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Assessor's Office Explains NOV's

posted Mar 16, 2015, 8:54 AM by DA Walsh
The Socorro County Assessor’s Office will be sending out their annual Notice of Valuations on April 1st. This document is very important, and shows what your property value is assessed at for 2015.

It is imperative that you open the notice and review it. The document will show this year’s value as well as last year’s value; so it is easy to see if there has been an increase or decrease in said value. The NOV has an area where you can calculate estimated 2015 property taxes (based off of last year’s tax rate). The document will also show if there are any exemptions on your property. The available exemptions are as follows:

1. Head of Household Exemption - $2000.00 off of taxable value
· Must be owner’s primary residence.

2. Veterans’ Exemption - $4000.00 off taxable value
· Can be used on any property that a veteran owns (residential or non-residential).

3. 100% Disabled Veterans’ Exemption – full value is exempt from property taxes
· Can only be used on the veteran’s primary residence – and up to five acres of vacant land – cannot be used on non-residential property for example large garages, hay barns, etc.
· If you are using this exemption you may also use your regular veteran’s exemption.

4. Valuation Freeze – ‘freezes’ the value on your property
· 65 years of age and older - $32,000 total household income
· 100% Disabled - $24,600 total household income

If you qualify for any of the exemptions listed above; please contact us at (575)835-0714. In addition, if you need help understanding your Notice of Value – please give us a call – and anyone in the office can help make sense out of it!

***You will have until April 30th to question your property value. New Mexico State Statues do not allow us to make any changes after that date, especially not after tax bills are generated. ***
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