Vanderwagen, New Mexico Property Taxes
The median property tax rate in Vanderwagen, NM is 0.98%, slightly below the national median of 0.99% but higher than the New Mexico state median of 0.86%. With the median home value in Vanderwagen at $92,875, the typical annual property tax bill reaches $952, which is significantly lower than the national median of $2,690. Property taxes in Vanderwagen are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Vanderwagen'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 Vanderwagen 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
Vanderwagen, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$910
Ownwell’s Vanderwagen Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vanderwagen with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vanderwagen 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 Vanderwagen, New Mexico
Property taxes in Vanderwagen, 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 Vanderwagen is 0.98%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Vanderwagen set these rates annually, and they can vary across different neighborhoods. Each year, Vanderwagen 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 Vanderwagen's effective property tax rate to other areas in McKinley County and the national median. For comparison, the 87326 zip code has both the highest and lowest median property tax rate of 0.98%. Understanding how these areas compare with Vanderwagen 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 Vanderwagen 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 Vanderwagen, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87326 | 0.68% | 0.91% | 0.98% | 0.98% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Vanderwagen, New Mexico
In Vanderwagen, 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'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 Vanderwagen, 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 Vanderwagen helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 87326 has both the highest and lowest median tax bill at $952.
Average Vanderwagen Assessed Value
$92,875
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 Vanderwagen, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87326 | $10,884 | $33,805 | $92,875 | $172,722 | $215,576 |
Source: Ownwell
Property Tax Bills Across Vanderwagen, New Mexico
In Vanderwagen, 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 property's market value. Homeowners in Vanderwagen can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $232, while at the 75th percentile, it rises to $1,731. Those at the 90th percentile might see bills as high as $2,116. The median home price in Vanderwagen is $92,875, which influences the overall tax calculation. Compared to the national median property tax rate of 0.99%, Vanderwagen's tax rates may seem modest, but they still have a considerable impact on homeowners. The highest median tax bill in the area is $952, reflecting the variability within the region. These taxes fund essential local services, such as schools, public safety, and infrastructure, directly affecting the community's quality of life.
Average Vanderwagen Tax Bill
$952
Average Mckinley County Tax Bill
$899
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Vanderwagen, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87326 | $93 | $232 | $952 | $1,731 | $2,116 |
Source: Ownwell