Watrous, New Mexico Property Taxes
The median property tax rate in Watrous, NM is 0.81%, which is lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Watrous at $164,172, the typical annual property tax bill is about $1,334, significantly less than the national median of $2,690. Property taxes in Watrous 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 Watrous'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 Watrous or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Watrous, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$1,330
Ownwell’s Watrous Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Watrous with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Watrous 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 Watrous, New Mexico
Property taxes in Watrous, New Mexico, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Watrous stands at 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Watrous set these rates annually, and they can vary significantly across different neighborhoods. Each year, Watrous 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 Watrous's effective property tax rate to other areas in Mora County and the national median. For comparison, the 87753 zip code has both the highest and lowest median property tax rate in Mora County, at 0.81%. Understanding how these areas compare with Watrous 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 Watrous Tax Rate
0.81%
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 Watrous, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87753 | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Watrous, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Watrous, New Mexico. 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 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 Watrous, 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 Watrous helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price is $164,172, with the highest and lowest median tax bills both at $1,334 in zip code 87753.
Average Watrous Assessed Value
$164,172
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 Watrous, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87753 | $164,172 | $164,172 | $164,172 | $164,172 | $164,172 |
Source: Ownwell
Property Tax Bills Across Watrous, New Mexico
In Watrous, property tax bills are calculated by assessing the value of each property and applying the local tax rate. The assessed value is determined by the Mora County Assessor's Office, which evaluates the market value of homes. Once the market value is established, the tax rate is applied to calculate the annual property tax bill. Factors that influence the tax bill include the assessed market value of the property and the specific tax rate set by local authorities. In Watrous, the median home price is $164,172, and the median property tax bill stands at $1,334, which is significantly higher than the national median property tax rate of 0.99%. This higher tax rate can impact homeowners by increasing their annual expenses, making it essential for property owners to understand their tax obligations and explore potential exemptions or appeals to manage their financial responsibilities effectively.
Average Watrous Tax Bill
$1,334
Average Mora County Tax Bill
$365
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Watrous, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87753 | $1,334 | $1,334 | $1,334 | $1,334 | $1,334 |
Source: Ownwell