Velarde, New Mexico Property Taxes
The median property tax rate in Velarde, NM is 0.83%, slightly below both the national median of 0.99% and New Mexico's state median of 0.86%. With a median home value of $38,070 in Velarde, the typical annual property tax bill amounts to $320, significantly lower than the national median of $2,690. Property taxes in Velarde are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Velarde'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 Velarde or another part of Rio Arriba County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Velarde, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$316
Ownwell’s Velarde Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Velarde with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Velarde 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 Velarde, New Mexico
Property taxes in Velarde, New Mexico, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Velarde is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Velarde set these rates annually, and they can vary significantly across different neighborhoods. Each year, Velarde 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 Velarde's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87582 zip code has both the highest and lowest median property tax rate of 0.83%. Understanding how these areas compare with Velarde 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 Velarde Tax Rate
0.83%
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 Velarde, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87582 | 0.65% | 0.79% | 0.83% | 0.83% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Velarde, New Mexico
In Velarde, 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 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. Assessment notices in Velarde 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 Velarde helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 87582 has the highest median tax bill at $320.
Average Velarde Assessed Value
$38,070
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 Velarde, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87582 | $7,016 | $15,354 | $38,070 | $51,791 | $95,582 |
Source: Ownwell
Property Tax Bills Across Velarde, New Mexico
In Velarde, located in Rio Arriba County, NM, property tax bills are calculated based on the assessed value of a home rather than its market value. The assessed value is determined by the local tax assessor and reflects a percentage of the property's market value. Homeowners in Velarde can expect their property tax bills to vary widely, with the 25th percentile tax bill at $190 and the 75th percentile reaching $437. The highest median tax bill in the area is $320, which is significantly lower than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. These taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting the community's quality of life. For homeowners, understanding these factors is crucial to managing their annual expenses and ensuring they are not overpaying on their property taxes.
Average Velarde Tax Bill
$320
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 Velarde, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87582 | $61 | $196 | $320 | $438 | $823 |
Source: Ownwell