In a re-do of its July 11 vote, the Belen Board of Education approved a 2 mill tax levy on all properties within the district boundaries for a program called Ed Tech Notes, which will fund technology improvements throughout the school district.
The new mill will be imposed on properties throughout the Belen Consolidated Schools district, which includes southern Valencia County and part of northern Socorro County.
The new tax will generate about $1.2 million a year, adding about $66 to the tax bill of a property with a market value of $100,000.
The new taxes for Rio Communities and BCS will appear on property owner’s 2022 tax bills, the first half of which is due in December 2022, with the second half due in May 2023.
To estimate how much property taxes will increase, property owners should start with their current property value, then divide that by three. Properties are taxed on one-third of their valuation.
For instance, a home in Rio Communities worth $190,000 would be taxed on $63,333.
Multiply the taxable value by .000550, which is the total 5.5 mills a residential property in Rio Communities will be subject to when the increases from the city and the school district are combined.
The taxes on a $190,000 residential property will increase by about $348 a year. Remember to move the decimal point one place to the right after the calculations to get the correct yearly estimate.
Original source found here.
