Ramah, New Mexico Property Taxes
The median property tax rate in Ramah, NM is 0.98%, slightly lower than the national median of 0.99% but higher than the New Mexico state median of 0.86%. With a median home value of $117,972 in Ramah, the typical annual property tax bill is approximately $1,105, which is below the national median of $2,690. Property taxes in Ramah are calculated based on the tax assessed value, which often falls below the market value due to exemptions like those for primary residences and agricultural properties. Understanding Ramah'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 Ramah or another part of McKinley County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ramah, 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 Ramah Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ramah with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ramah 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 Ramah, New Mexico
Property taxes in Ramah, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ramah is 0.98%, slightly lower than the U.S. national median of 0.99%. Local government entities within Ramah set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ramah 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 Ramah's effective property tax rate to other areas in McKinley County and the national median. For comparison, the zip code 87321 has both the highest and lowest median property tax rate of 0.98%. Understanding how these areas compare with Ramah provides valuable insights into the varying tax landscape across McKinley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ramah Tax Rate
0.98%
Average Mckinley County Tax Rate
1.20%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ramah, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87321 | 0.85% | 0.97% | 0.98% | 0.98% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Ramah, New Mexico
In Ramah, 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 McKinley 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 Ramah, 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. For example, in the 87321 zip code, the median tax bill is $1,105. Being aware of these valuation processes in Ramah helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ramah Assessed Value
$117,972
Average Mckinley County Assessed Value
$79,030
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ramah, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87321 | $33,665 | $68,327 | $117,972 | $163,541 | $204,358 |
Source: Ownwell
Property Tax Bills Across Ramah, New Mexico
In Ramah, located in McKinley County, NM, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and is a percentage of the home's market value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For homeowners in Ramah, the median home price is $117,972. Property tax bills can vary significantly, with the 25th percentile paying around $640, while those in the 75th percentile pay approximately $1,567. At the higher end, the 90th percentile sees tax bills nearing $1,953. These figures highlight the range of property tax burdens within the area and how they can impact household budgets. Compared to the national median property tax rate of 0.99%, Ramah's property taxes reflect the specific valuation and rates set by the county. Homeowners need to consider these factors when budgeting for annual expenses, as property taxes represent a significant ongoing cost tied to homeownership.
Average Ramah Tax Bill
$1,105
Average Mckinley County Tax Bill
$899
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Ramah, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87321 | $301 | $640 | $1,105 | $1,567 | $1,953 |
Source: Ownwell