Ilfeld, New Mexico Property Taxes
The median property tax rate in Ilfeld, NM is 0.42%, significantly lower than both the national median of 0.99% and New Mexico's state median of 0.86%. With the median home value in Ilfeld, the typical annual property tax bill reaches $549, well below the national median of $2,690. Property taxes in Ilfeld are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Ilfeld'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 Ilfeld or another part of San Miguel County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ilfeld, 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 Ilfeld Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Ilfeld with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ilfeld 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 Ilfeld, New Mexico
Property taxes in Ilfeld, 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 Ilfeld is 0.42%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Ilfeld set these rates annually, and they can vary across different neighborhoods. Each year, Ilfeld 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 Ilfeld's effective property tax rate to other areas in San Miguel County and the national median. For comparison, the zip code 87538 has the same median property tax rate of 0.42%, illustrating a consistent tax landscape within the county. Understanding how these areas compare with Ilfeld provides valuable insights into the varying tax landscape across San Miguel County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ilfeld Tax Rate
0.42%
Average San Miguel County Tax Rate
0.78%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ilfeld, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87538 | 0.41% | 0.42% | 0.42% | 0.43% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Ilfeld, New Mexico
In Ilfeld, 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 Miguel 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 Ilfeld, 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 Ilfeld helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $549, found in zip code 87538.
Average Ilfeld Assessed Value
$118,621
Average San Miguel County Assessed Value
$75,272
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ilfeld, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87538 | $31,648 | $54,688 | $118,621 | $188,005 | $242,053 |
Source: Ownwell
Property Tax Bills Across Ilfeld, New Mexico
In Ilfeld, located in San Miguel County, NM, property tax bills are determined based on the assessed value of the home rather than its market value. The median home price in this region stands at $118,621. Property taxes are calculated by multiplying the assessed value by the local tax rate, which varies within the county. For homeowners in Ilfeld, the tax bill can range significantly. At the 25th percentile, homeowners pay around $264, while those in the 75th percentile face a tax bill of about $843. At the 90th percentile, the tax bill can go up to $1,141. The highest median tax bill recorded in the area is $549, specifically in the 87538 zip code. These property taxes impact homeowners by influencing monthly mortgage payments and overall housing affordability. Compared to the national median property tax rate of 0.99%, Ilfeld's property tax rates offer a unique perspective on the cost of homeownership in this part of New Mexico.
Average Ilfeld Tax Bill
$549
Average San Miguel County Tax Bill
$856
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Ilfeld, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87538 | $144 | $264 | $549 | $843 | $1,141 |
Source: Ownwell