Tax Revenue Sources
Property Tax (Ad Valorem Taxation)
Property tax revenue is generated through property taxation and valuation for all governmental entities such as municipalities, county, public schools, higher education, soil, water conservation districts, and other services generate revenues by imposing mill levies on property valuation. Properties within Rio Arriba County are assessed as per the NM Property Tax Code and imposed taxes are used to calculate the amount of property taxes per year. The assessor assesses the property valuation, the governing board impose the mill rates, NMDFA calculated the new mill rates as per these figures and the county treasurer sends out property tax bills, collects the property taxes and delivers the allocated revenues to the various governmental entities. Oil and gas production and equipment are also imposed a property tax by the State of New Mexico.
Valuations
Certificate of Property Taxes
Federal Payment in Lieu of Taxes (PILT)
Payments in lieu of taxes (PILT) are financial compensation made by the federal government to local governments to help offset the loss of property tax revenue due to the presence of non-taxable federal lands within their jurisdictions. This law acknowledges the financial burden placed on local government that are unable to collect property taxes on federally owned land.
Secure Rural Schools & Community Self-Determination Funding (SRS)
The secure rural schools & community self-determination funding provides funding for schools, roads, and other community services. This is a special distribution that was set up to help forested communities survive the negative economic impacts created by a reduction in the timber harvest sales due to the spotted owl and other species policy changes. Counties previously had a revenue sharing agreement with the federal government for the timber sales and were significantly impacted by these changes to the laws. The funds are received by NMDFA and distributed to the schools and counties. Below are the links to NMDFA distribution below.
Oil and Gas Revenues
New Mexico collects taxes on oil and gas drilling, services, and production. These include a monthly tax on the taxable value of products.
LATCF
Allocations-for-Eligible-Revenue-Sharing-County-Governments(PDF, 1MB)