- Assessor appraises property.
- Assessor reports values to New Mexico Department of Finance and Administration (DFA).
- Budgets are constructed and reported to DFA.
- DFA calculates yield in compliance with yield control laws for operational budgets. DFA also checks tax rates for Bond Issues that have been voted on by taxpayers.
- DFA checks budgets for compliance with New Mexico Statutes.
- DFA submits proposed tax rates to County Commissioners.
- County Commissioners approve tax rates with one week.
- Assessor issues a Tax Roll to the County Treasurer based on the mil rate and taxable values.
Formula for Calculating Tax Amounts:
Appraised Value is divided by 3 to get the Assessed Value.
Exemptions are subtracted from the Assessed Value to get the Taxable Value.
Taxable Value is multiplied by mil rate then divided by 1,000 to determine yearly taxes.
* See the Chaves County Assessor's Office web page for mil rate and exemptions information.