On Tuesday evening, Sept. 8 during its regular meeting, Los Alamos County Council will consider property tax rates, which are calculated by the State’s Department of Finance and Administration (DFA) pursuant to our local Assessor’s office annual valuation report. In accordance with the Property Tax Code, property tax rates are calculated for all governmental units within the County that have imposed a tax on property. (The County, Public Schools, and UNM-LA, as well as the state.)
State statutes require that the Council issue a written order imposing the tax at the rates calculated by DFA. Using the order, the County Finance Division prepares and mails out property tax bills in November.
The 2020 property tax rate for residential properties is decreasing about 1.54% compared to 2019. The 2020 rate for non-residential properties is increasing about 1.68%, compared to 2019. These changes are primarily the result of the State applying yield control to the rates imposed by the taxing entities. The locally imposed tax rates have not changed from 2019. The State yield control formula manages how property tax revenue (yield) can change based on the annual re-valuation process. When the re-valuation increases (or decreases), the State will lower (or raise) the locally applied tax rate to manage revenue (i.e. yield control).