Tijeras, New Mexico Property Taxes
The median property tax rate in Tijeras, NM, is 0.99%, aligning with the national median of 0.99% and slightly higher than the New Mexico state median of 0.86%. With a median home value of $129,429 in Tijeras, the typical annual property tax bill amounts to $1,960, which is below the national median of $2,690. Property taxes in Tijeras are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Tijeras' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Tijeras or another part of Bernalillo County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tijeras, New Mexico Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,720
Ownwell’s Tijeras Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tijeras with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tijeras to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Tijeras, New Mexico
Property taxes in Tijeras, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tijeras is 0.99%, aligning with both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Tijeras set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tijeras estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Tijeras's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87059 zip code has both the highest and lowest median property tax rate of 0.99%. Understanding how these cities compare with Tijeras provides valuable insights into the varying tax landscape across Bernalillo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tijeras Tax Rate
0.99%
Average Bernalillo County Tax Rate
1.38%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tijeras, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87059 | 0.88% | 0.96% | 0.99% | 1.01% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Tijeras, New Mexico
In Tijeras, New Mexico, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Bernalillo County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Tijeras, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Tijeras helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 87059 has the highest and lowest median tax bill at $1,960, which is significantly lower than the national median property tax rate of 0.99%.
Average Tijeras Assessed Value
$129,429
Average Bernalillo County Assessed Value
$164,969
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tijeras, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87059 | $5,140 | $19,600 | $129,429 | $248,138 | $369,346 |
Source: Ownwell
Property Tax Bills Across Tijeras, New Mexico
In Tijeras, located in Bernalillo County, NM, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Tijeras is $129,429. Property tax rates in Bernalillo County can vary, but the median tax bill stands at $1,960, aligning with the national median property tax rate of 0.99%. The tax bill is determined by multiplying the assessed value of the property by the local tax rate. Factors such as the home's location within Tijeras, any applicable exemptions, and the overall budget requirements of local government services also play a role. For homeowners, this means that while some may pay as little as $1,103 (25th percentile), others could see bills as high as $4,213 (90th percentile). These variations significantly affect homeowners, influencing their annual financial planning and potentially impacting property affordability and resale value.
Average Tijeras Tax Bill
$1,960
Average Bernalillo County Tax Bill
$2,460
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Tijeras, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87059 | $345 | $1,103 | $1,960 | $2,990 | $4,213 |
Source: Ownwell