NM Operations Summary

Taxes

No mortgage taxes in the state of New Mexico

Real Estate Taxes

Real property ad valorem taxes are a super-priority lien under state statute as of January 1 of each calendar year. See Section 7-38-48 NMSA 1978. Assessments of the value of real property are mailed to property owners each April. Taxes may be paid in two equal installments. Tax bills are mailed to property owners by November 1 each year. The first half payment installment is due November 10 and is delinquent after December 10. The second half payment installment is due April 10 of the following year and is delinquent after May 10. Property with unpaid taxes for 3 years or more as of each June 30 is subject to being sold at a tax auction. Section 7-38-60 NMSA 1978.

Payment Customs

Seller, but may be negotiated between the parties in the purchase agreement.

There is no transfer tax in NM. Recording fees are negotiable, but are typically split between the parties with the seller paying the recording fee for the deed and release of existing seller's mortgage and the purchaser paying all recording fees associated with mortgage, deed of trust and any other recorded loan documents.

Typically, seller will pay for a survey or an Improvement Location Report (ILR) which is a report showing existing improvements for title insurance purposes only. Survey charges are negotiable but customarily paid by the seller for NM boundary surveys or ALTA/ ASCM surveys where an ILR is not acceptable to the title insurance underwriter or for commercial transactions.

==Post Closing Requirements

Certificate of Release

Title insurance underwriters (not agents) have the authority pursuant to state statute to execute and record releases of mortgages or deeds of trust subsequent to a 90-day period after payment in full of the mortgage or deed of trust and upon 10-day prior written notice to the lender. See Section 48-7-4.1 NMSA 1978.