ARTESIA — Artesia and northern Eddy County will be seeing a slight decrease in property taxes for the upcoming year following the Eddy County Board of Commissioners’ approval of the 2011-12 tax rates during a special meeting Monday morning. In addition, taxable values over the previous year indicate healthy economic growth in Eddy County.
The New Mexico Taxation and Revenue Department Property Tax Division set the property mill rate for Artesia property owners inside the city limits at 21.116 or $21.116 per $1,000, down from last year’s rate of 22.138 mill. The mill rate for property owners living outside the city limit is set at 19.295, down from last year’s rate of 20.288 mill.
Commercial property owners inside Artesia city limits will also see a decrease in the mill rate. The rate for the current year is set at 22.721 mill, down from last year’s 23.582 mill. The commercial mill rate outside the city limits this year is 20.496, down from the previous year’s 21.357 mill.
Hope residents will see the greatest decrease in their mill rate. The mill rate for the current year is set at 23.948, down from last year’s 24.887. … For the rest of the story, subscribe in print and on the web.