Rincon, New Mexico Property Taxes
The median property tax rate in Rincon, NM is 0.92%, slightly lower than the national median of 0.99% but higher than the New Mexico state median of 0.86%. With the median home value in Rincon, the typical annual property tax bill reaches $139, significantly below the national median of $2,690. Property taxes in Rincon 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 Rincon'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 Rincon 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
Rincon, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$166
Ownwell’s Rincon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rincon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rincon 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 Rincon, New Mexico
Property taxes in Rincon, 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 Rincon is 0.92%, slightly below the U.S. national median of 0.99%. Local government entities within Rincon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rincon 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 Rincon's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87940 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 Rincon 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 Rincon 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 Rincon, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87940 | 0.67% | 0.91% | 0.92% | 0.92% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Rincon, New Mexico
In Rincon, 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's Office 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 Rincon, 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 Rincon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $139, found in the 87940 zip code.
Average Rincon Assessed Value
$17,996
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 Rincon, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87940 | $5,000 | $5,000 | $17,996 | $39,703 | $96,262 |
Source: Ownwell
Property Tax Bills Across Rincon, New Mexico
In Rincon, located in Doña Ana County, NM, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is determined by the county assessor and typically represents a percentage of the property's market value. Factors such as property size, location, and improvements can influence this assessed value. Once the assessed value is established, the local tax rate is applied to determine the annual tax bill. In Rincon, homeowners experience a range of property tax bills. For instance, the 25th percentile tax bill is $46, while the 75th percentile tax bill is $353. At the higher end, the 90th percentile tax bill reaches $862. These figures show a significant variation, reflecting differences in property values and individual assessments. Compared to the national median property tax rate of 0.99%, Rincon's property tax rates can be relatively modest, making it an attractive area for homeowners. However, understanding how these taxes are calculated and their potential impact is crucial for effective financial planning and property management.
Average Rincon Tax Bill
$139
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 Rincon, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87940 | $41 | $46 | $139 | $353 | $862 |
Source: Ownwell