Tse Bonito, New Mexico Property Taxes
The median property tax rate in Tse Bonito, 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 the median home value in Tse Bonito, the typical annual property tax bill reaches $98, significantly below the national median of $2,690. Property taxes in Tse Bonito are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Tse Bonito'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 Tse Bonito or another part of McKinley County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tse Bonito, 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 Tse Bonito Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tse Bonito with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tse Bonito 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 McKinley County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Tse Bonito, New Mexico
Property taxes in Tse Bonito, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tse Bonito is 0.98%, slightly lower than the U.S. national median of 0.99%. Local government entities within Tse Bonito set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tse Bonito 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 Tse Bonito's effective property tax rate to other areas in McKinley County and the national median. For comparison, the 87301 zip code has both the highest and the lowest median property tax rate of 0.98%. Understanding how these areas compare with Tse Bonito 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 Tse Bonito 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 Tse Bonito, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87301 | 0.97% | 0.98% | 0.98% | 0.98% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Tse Bonito, New Mexico
In Tse Bonito, 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 Tse Bonito, 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, the 25th percentile tax bill is $49, while the 75th percentile tax bill is $242, showcasing the range of property tax obligations within the area. 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 Tse Bonito helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tse Bonito Assessed Value
$12,560
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 Tse Bonito, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87301 | $4,160 | $5,320 | $12,560 | $24,480 | $179,700 |
Source: Ownwell
Property Tax Bills Across Tse Bonito, New Mexico
In Tse Bonito, property tax bills are calculated based on the assessed value of your home, which is determined by the McKinley County assessor's office. The assessed value is a percentage of your property's market value, and this figure is then multiplied by the local tax rate to determine your annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition. For homeowners in Tse Bonito, the median home price is $12,560. Property tax bills can vary significantly, with the 25th percentile bill at $49 and the 75th percentile bill at $242, illustrating the range of property values and tax obligations within the area. At the higher end, the 90th percentile tax bill reaches $1,943, which can have a substantial impact on homeowners, particularly when compared to the national median property tax rate of 0.99%. Understanding these factors can help homeowners better anticipate their property tax responsibilities and manage their finances accordingly.
Average Tse Bonito Tax Bill
$98
Average Mckinley County Tax Bill
$899
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Tse Bonito, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87301 | $41 | $49 | $98 | $242 | $1,943 |
Source: Ownwell