Los Ojos, New Mexico Property Taxes
The median property tax rate in Los Ojos, NM is 0.75%, 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 Los Ojos at $37,988, the typical annual property tax bill amounts to $334, significantly below the national median of $2,690. Property taxes in Los Ojos are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Los Ojos' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Los Ojos or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Los Ojos, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$285
Ownwell’s LOS OJOS Property Tax Bill Calculator empowers homeowners, real estate investors, and potential property owners to estimate their annual property taxes in LOS OJOS with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in LOS OJOS to provide an estimated property tax bill. This valuable tool offers clarity on potential tax obligations. For those interested in neighborhood-level trends, further localized information is available below. Your property’s assessed value is determined by Rio Arriba County for tax calculations, considering applicable exemptions.
Property Tax Rates Across Los Ojos, New Mexico
Property taxes in Los Ojos, 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 Los Ojos is 0.75%, which is below the U.S. national median of 0.99%. Local government entities within Los Ojos set these rates annually, and they can vary significantly across different neighborhoods. Each year, Los Ojos 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 Los Ojos's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87551 zip code has the highest median property tax rate of 0.75%, while the same zip code also has the lowest median tax rate of 0.75%. Understanding how these areas compare with Los Ojos 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 Los Ojos Tax Rate
0.75%
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 Los Ojos, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87551 | 0.68% | 0.75% | 0.75% | 0.80% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Los Ojos, New Mexico
In Los Ojos, 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 Los Ojos, 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 Los Ojos helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 87551 has both the highest and lowest median tax bill, amounting to $334.
Average Los Ojos Assessed Value
$37,988
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 Los Ojos, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87551 | $4,874 | $15,780 | $37,988 | $72,121 | $157,564 |
Source: Ownwell
Property Tax Bills Across Los Ojos, New Mexico
In Los Ojos, Rio Arriba County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For example, with a median home price of $37,988, homeowners in Los Ojos typically see tax bills ranging from $181 at the 25th percentile to $1,309 at the 90th percentile. The median tax bill stands at $334, which is relatively lower compared to the national median property tax rate of 0.99%. Various factors such as property improvements, location, and market conditions can influence the assessed value, thereby affecting the tax bill. For homeowners, this means that property taxes can be a manageable expense, but it's essential to stay informed about any changes in property assessments or tax rates that could impact annual payments.
Average Los Ojos Tax Bill
$334
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 Los Ojos, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87551 | $81 | $181 | $334 | $563 | $1,309 |
Source: Ownwell