Property Ownership
In New Mexico, which government entity has the power to levy ad valorem property taxes on real estate?
AThe NMREC
BCounty and municipal governments✓ Correct
CThe state legislature directly
DThe federal government
Explanation
Ad valorem (based on value) property taxes in New Mexico are levied by local governments—counties and municipalities—based on assessed value established by the county assessor.
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Key Terms to Know
Transfer Tax
A tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
Math Concepts
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