Castaic, New Mexico Property Taxes
The median property tax rate in Castaic, NM is 1.03%, slightly higher than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Castaic at $258,152, the typical annual property tax bill reaches $2,661, just under the national median of $2,690. Property taxes in Castaic are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Castaic's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Castaic or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Castaic, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$2,659
Ownwell’s Castaic Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Castaic with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Castaic 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 Castaic, New Mexico
Property taxes in Castaic, New Mexico, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Castaic is 1.03%, higher than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Castaic set these rates annually, and they can vary significantly across different neighborhoods. Each year, Castaic 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 Castaic's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 91384 zip code has the highest median property tax rate of 1.03%, while the same 91384 zip code also has the lowest median tax rate of 1.03%. Understanding how these cities compare with Castaic provides valuable insights into the varying tax landscape across DoaAna, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Castaic Tax Rate
1.03%
Average Doaana County Tax Rate
1.02%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Castaic, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 91384 | 1.03% | 1.03% | 1.03% | 1.03% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Castaic, New Mexico
In Castaic, 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 DoaAna 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 Castaic, 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 Castaic helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 91384 has the highest and lowest median tax bill, both at $2,661, reflecting uniformity in property tax distribution within the area.
Average Castaic Assessed Value
$258,152
Average Doaana County Assessed Value
$120,428
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Castaic, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 91384 | $258,152 | $258,152 | $258,152 | $258,152 | $258,152 |
Source: Ownwell
Property Tax Bills Across Castaic, New Mexico
In Castaic, located in Doña Ana County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value typically represents a percentage of the property's market value. For homeowners in Castaic, the median home price is $258,152. The property tax rate in the area is applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include the property's location, any applicable exemptions, and local tax rates. In Castaic, the median property tax bill stands at $2,661, which is significantly higher than the national median property tax rate of 0.99%. This higher tax rate can have a substantial impact on homeowners, affecting their monthly mortgage payments and overall housing costs. Understanding how these factors interplay helps homeowners anticipate their financial obligations and plan accordingly.
Average Castaic Tax Bill
$2,661
Average Doaana County Tax Bill
$1,201
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Castaic, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 91384 | $2,661 | $2,661 | $2,661 | $2,661 | $2,661 |
Source: Ownwell