Q: When are property taxes due for FY 2025-2026?
A: First installment is due November 10, 2026, with interest beginning December 11, 2026. Second installment is due April 10, 2027, with interest beginning May 11, 2027.
Q: What tax credits are available and do they require application?
A: Torrance County offers several tax credits including homestead credits, veterans credits, and senior citizen credits. ALL credits require annual application through the County Assessor's office and are NOT automatically applied.
Q: How does the homestead credit work?
A: The homestead credit provides up to $4,000 in taxable value reduction for primary residences. It does NOT reduce market value but caps assessment increases to help control tax growth. You must apply annually and occupy the property as your primary residence.
Q: What is the penalty for late payment?
A: Interest accrues at 1% per month on unpaid taxes starting December 11th for the first installment and May 11th for the second installment.
Q: Can I pay my property taxes online?
A: Yes, online payments are accepted through the Torrance County Treasurer's website. Credit card and electronic check options are typically available with associated processing fees.
Q: How often are properties reassessed?
A: New Mexico law requires properties to be valued annually, though the County Assessor may conduct physical inspections on a rotating cycle or when triggered by ownership changes or improvements.
Q: How do I appeal my property assessment?
A: Assessment appeals must be filed with the County Assessor's office by the last day of February following the tax year. If unsatisfied, you can appeal to the County Valuation Protest Board.
Q: Why did my tax bill increase if my assessment stayed the same?
A: Even with stable assessments, your tax bill can increase due to voter-approved bonds, new special district levies, or rate increases by taxing entities like school districts or the county commission.
