The phrase “net taxable value” as defined in Section 7-35-2 NMSA 1978 is calculated for residential property in the manner shown in the following example:

Value of property upon which property tax is imposed (full value) $ 100,000

Times the Tax Ratio x .333333

Taxable value $ 33,333

Less the Head of Household Exemption - 2,000

Net taxable value $ 31,333

[3/23/83, 12/29/94, 8/31/96; 3.6.1.11 NMAC - Rn & A, 3 NMAC 6.1.11, 4/30/01]