Solano, New Mexico Property Taxes
The median property tax rate in Solano, New Mexico is 0.65%, considerably lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Solano, the typical annual property tax bill reaches $405, significantly below the national median of $2,690. Property taxes in Solano 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 Solano'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 Solano or another part of the county, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Solano, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$401
Ownwell’s SOLANO Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SOLANO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SOLANO 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 Solano, New Mexico
Property taxes in Solano, 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 Solano is 0.65%, which is lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Solano set these rates annually, and they can vary significantly across different neighborhoods. Each year, Solano 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 Solano's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87746 zip code has both the highest and lowest median property tax rate of 0.65%. Understanding how these areas compare with Solano provides valuable insights into the varying tax landscape across Harding County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Solano Tax Rate
0.65%
Average Harding County Tax Rate
0.72%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Solano, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87746 | 0.61% | 0.61% | 0.65% | 0.66% | 0.66% |
Source: Ownwell
Property Tax Assessment Values Across Solano, New Mexico
In Solano, 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 local 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 Solano, 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 Solano helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills both stand at $405, specifically in the 87746 zip code.
Average Solano Assessed Value
$61,668
Average Harding County Assessed Value
$98,475
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Solano, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87746 | $53,322 | $61,668 | $61,668 | $90,298 | $115,671 |
Source: Ownwell
Property Tax Bills Across Solano, New Mexico
In Solano, located in Harding County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Solano stands at $61,668. Property taxes are then applied to this assessed value using the local tax rate. For homeowners in Solano, the property tax bill ranges significantly, with the 25th percentile at $405 and the 75th percentile reaching $574. The 90th percentile tax bill can go up to $705, reflecting the variation in property values and tax rates within the region. Factors affecting the tax bill include the assessed value of the property, any applicable exemptions, and the local tax rate. These taxes are essential for funding community services such as schools, infrastructure, and emergency services. For homeowners, understanding how property taxes are calculated can help in financial planning and ensuring they are not overpaying. Compared to the national median property tax rate of 0.99%, Solano's property tax bills are relatively modest, providing some financial relief to its residents.
Average Solano Tax Bill
$405
Average Harding County Tax Bill
$705
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Solano, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87746 | $328 | $405 | $405 | $574 | $705 |
Source: Ownwell