The honor and the duty

Do you own real property in New Mexico? If you already do, don’t forget that your 2nd half 2011 property taxes are due by Thursday the 10th and will incur a penalty and interest if not paid (or postmarked) by then.

If you don’t own property in New Mexico, call me. I have a deal for you! Actually more than several deals are available. And now just might finally be the time, before they get gobbled up by someone quicker on the draw.

Now, back to the main question; do you or do you not own property here? At times, I have mentioned that I own real property in 3 different counties in New Mexico. My favorite tax story is about the land parcel I own in Taos County. It is undeveloped, off a forest service road, in the small village of El Valle.

It is surpassingly beautiful and peaceful there. I recommend the book River of Traps by William deBuys for a glimpse of that area. And my annual property taxes are below $10. Not a misprint. Below $10. I am happy to pay those taxes when they come due.

Many people I work with from other states are shocked by our low property taxes. Then they might be also shocked to learn all the other ways one can be taxed living and working in the Santa Fe New Mexico area. Gross receipts tax always takes some explaining. Many have never heard of anything like it. Kind of a sales tax, but sometimes its applied to services, too.

There is, thankfully, no “transfer tax” on the sale or purchase of real property so buying and selling Santa Fe NM real estate is still user friendly. But you will see gross receipts tax added to some title insurance settlement fees, surveys, appraisals, sales commissions, home inspections, etc.

So don’t forget to mail in your 2nd half tax payment, if you have not already done so.

Bloggers and pundits, take note of a quote I read yesterday… ” A desk is a dangerous place from which to watch the world.”  John le Carre’

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