Waterflow, New Mexico Property Taxes
The median property tax rate in Waterflow, NM is 0.74%, which is lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With a median home value of $52,903 in Waterflow, the typical annual property tax bill is around $395, significantly below the national median of $2,690. Property taxes in Waterflow 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 Waterflow'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 Waterflow or another part of San Juan County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Waterflow, New Mexico Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,720
Ownwell’s Waterflow Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waterflow with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waterflow 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 Waterflow, New Mexico
Property taxes in Waterflow, 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 Waterflow is 0.74%, which is below the U.S. national median of 0.99%. Local government entities within Waterflow set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waterflow 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 Waterflow's effective property tax rate to other areas within San Juan County and the national median. For comparison, the zip code 87421 has the highest median property tax rate of 0.74%, while the same zip code also has the lowest median tax rate of 0.74%. Understanding how these areas compare with Waterflow provides valuable insights into the varying tax landscape across San Juan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waterflow Tax Rate
0.74%
Average San Juan County Tax Rate
0.83%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waterflow, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87421 | 0.59% | 0.73% | 0.74% | 0.76% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Waterflow, New Mexico
In Waterflow, 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 San Juan 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 Waterflow, 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. The median home price in Waterflow is $52,903, with the 25th percentile tax bill at $167 and the 75th percentile tax bill at $943. 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 Waterflow helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Waterflow Assessed Value
$52,903
Average San Juan County Assessed Value
$93,508
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waterflow, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87421 | $6,963 | $25,874 | $52,903 | $122,934 | $174,846 |
Source: Ownwell
Property Tax Bills Across Waterflow, New Mexico
In Waterflow, located in San Juan County, NM, property tax bills are calculated based on the assessed value of a home. The median home price here is $52,903, and the assessed value is determined by the county assessor. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. In Waterflow, property tax bills can vary significantly. For instance, the tax bill at the 25th percentile is about $167, while at the 75th percentile, it rises to $943. At the 90th percentile, homeowners might see a tax bill as high as $1,291. The highest and lowest median tax bills in the area are both recorded at $395 in the 87421 zip code. These property taxes directly impact homeowners by influencing their annual housing costs. Compared to the national median property tax rate of 0.99%, Waterflow's property taxes can be seen as relatively moderate, making it a potentially more affordable area for homeowners.
Average Waterflow Tax Bill
$395
Average San Juan County Tax Bill
$761
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Waterflow, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87421 | $30 | $167 | $395 | $943 | $1,291 |
Source: Ownwell