Picacho, New Mexico Property Taxes
The median property tax rate in Picacho, NM is 0.92%, slightly below the national median of 0.99% but above the New Mexico state median of 0.86%. With the median home value in Picacho, the typical annual property tax bill reaches $58, significantly lower than the national median of $2,690. Property taxes in Picacho 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 Picacho'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 Picacho 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
Picacho, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$58
Ownwell’s Picacho Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Picacho with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Picacho 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 Picacho, New Mexico
Property taxes in Picacho, New Mexico, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Picacho is 0.75%, significantly lower than both the New Mexico state median of 0.80% and the U.S. national median of 0.99%. Local government entities within Picacho set these rates annually, and they can vary significantly across different neighborhoods. Each year, Picacho 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 Picacho's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 88343 zip code has the highest median property tax rate of 0.92%, while the same zip code also has the lowest median tax rate of 0.92%. Understanding how these areas compare with Picacho provides valuable insights into the varying tax landscape across Doña Ana County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Picacho Tax Rate
0.92%
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 Picacho, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88343 | 0.92% | 0.92% | 0.92% | 0.92% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Picacho, New Mexico
In Picacho, 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 Doña Ana County Assessor 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 Picacho, 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. For instance, homeowners in the 25th percentile of tax bills pay around $52 annually, while those in the 75th percentile pay about $63, and in the 90th percentile, the tax bill reaches approximately $67. 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 Picacho helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Picacho Assessed Value
$6,250
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 Picacho, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88343 | $5,250 | $5,625 | $6,250 | $6,875 | $7,250 |
Source: Ownwell
Property Tax Bills Across Picacho, New Mexico
Property tax bills in Picacho, Doa Ana County, NM, are calculated based on the assessed value of the property, which is determined by the local assessor's office. The assessed value is a percentage of the property's market value. Once the assessed value is established, the local tax rate is applied to compute the annual tax bill. In Picacho, the median home price is $6,250, and homeowners can expect their tax bills to vary. For example, at the 25th percentile, the tax bill is $52, while at the 75th percentile, it rises to $63. The 90th percentile sees tax bills around $67. These figures illustrate the range of property taxes homeowners might face, influenced by factors such as property value and local tax rates. Compared to the national median property tax rate of 0.99%, Picacho's property tax rates are relatively modest. This can be a significant factor for homeowners when considering the overall cost of living and long-term financial planning. Lower property taxes can make homeownership more affordable and attractive in this region.
Average Picacho Tax Bill
$58
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 Picacho, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88343 | $48 | $52 | $58 | $63 | $67 |
Source: Ownwell