Mora, New Mexico Property Taxes
The median property tax rate in Mora, NM is 0.58%, significantly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. Given the median home value in Mora, the typical annual property tax bill amounts to $538, which is well below the national median of $2,690. Property taxes in Mora are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Mora's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Mora or another part of the county, gaining insights into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mora, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$547
Ownwell’s Mora Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mora with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mora 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 Mora, New Mexico
Property taxes in Mora, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mora is 0.58%, significantly lower than the U.S. national median of 0.99%. Local government entities within Mora set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mora 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 Mora's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 87732 has both the highest and lowest median property tax rate in the area at 0.58%. Understanding how these cities compare with Mora provides valuable insights into the varying tax landscape across Mora County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mora Tax Rate
0.58%
Average Mora County Tax Rate
0.58%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mora, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87732 | 0.52% | 0.55% | 0.58% | 0.59% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Mora, New Mexico
In Mora, 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 Mora 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 Mora, 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 median home price in Mora is $94,251, with tax bills ranging from $309 at the 25th percentile to $1,050 at the 90th percentile. The zip code 87732 has the highest and lowest median tax bill, both at $538. 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 Mora helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mora Assessed Value
$94,251
Average Mora County Assessed Value
$61,740
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mora, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87732 | $26,476 | $54,823 | $94,251 | $133,943 | $186,438 |
Source: Ownwell
Property Tax Bills Across Mora, New Mexico
In Mora, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The tax rate is applied to this assessed value to calculate the annual property tax bill. Factors such as the property's size, location, and market value are considered during assessment. In Mora, the median home price is $94,251, with property tax bills varying significantly. For instance, the tax bill at the 25th percentile is $309, while at the 75th percentile, it rises to $770. The 90th percentile tax bill can reach up to $1,050. These property taxes impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Mora’s property tax rates offer a relatively affordable option for homeowners, making it an attractive place for those looking to manage their living expenses effectively.
Average Mora Tax Bill
$538
Average Mora County Tax Bill
$365
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Mora, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87732 | $148 | $309 | $538 | $770 | $1,050 |
Source: Ownwell