Canones, New Mexico Property Taxes
The median property tax rate in Canones, NM is 0.58%, significantly lower than both the national median of 0.99% and New Mexico's state median of 0.86%. With a median home value of $18,102 in Canones, the typical annual property tax bill is $117, far below the national median of $2,690. Property taxes in Canones are calculated based on the assessed value, which usually falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Canones’ property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Canones or another part of Rio Arriba County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Canones, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$105
Ownwell’s Cañones Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cañones with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cañones 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 Canones, New Mexico
Property taxes in Canones, New Mexico, play a crucial role in financing essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Canones is 0.58%, which is lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Canones set these rates annually, and they can vary significantly across different neighborhoods. Each year, Canones 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 Canones's effective property tax rate to other areas in New Mexico and the national median. For comparison, the zip code 87516 has the highest median property tax rate of 0.58%, while the same zip code also has the lowest median tax rate of 0.58%. Understanding how these figures compare with Canones provides valuable insights into the varying tax landscape across Rio Arriba County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Canones Tax Rate
0.58%
Average Rio Arriba County Tax Rate
0.79%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Canones, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87516 | 0.50% | 0.58% | 0.58% | 0.72% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Canones, New Mexico
In Canones, 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 Rio Arriba 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 Canones, 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 Canones helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in Canones is $117, both found in the 87516 zip code.
Average Canones Assessed Value
$18,102
Average Rio Arriba County Assessed Value
$17,854
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Canones, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87516 | $5,955 | $10,981 | $18,102 | $84,840 | $300,783 |
Source: Ownwell
Property Tax Bills Across Canones, New Mexico
In Cañones, located in Rio Arriba County, NM, property tax bills are calculated based on the assessed value of a home, which is derived from the median home price of $18,102. The tax rate is then applied to this assessed value to determine the annual tax bill. Various factors, such as property improvements, local tax rates, and exemptions, influence the final amount. For instance, homeowners in Cañones typically see tax bills ranging from $66 at the 25th percentile to $498 at the 75th percentile, with the 90th percentile reaching as high as $2,870. This wide range reflects the diversity in property values and individual circumstances within the area. Compared to the national median property tax rate of 0.99%, homeowners in Cañones experience relatively lower tax bills, which can significantly impact their annual budgeting and financial planning. Understanding these factors helps homeowners anticipate their tax obligations and manage their finances more effectively.
Average Canones Tax Bill
$117
Average Rio Arriba County Tax Bill
$215
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Canones, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87516 | $48 | $66 | $117 | $498 | $2,870 |
Source: Ownwell