San Jose, New Mexico Property Taxes
The median property tax rate in San Jose, NM is 0.63%, significantly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in San Jose at $98,190, the typical annual property tax bill is $583, well below the national median of $2,690. Property taxes in San Jose 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 San Jose'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 San Jose or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
San Jose, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$619
Ownwell’s San Jose Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in San Jose with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in San Jose 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 San Jose, New Mexico
Property taxes in San Jose, 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 San Jose stands at 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within San Jose set these rates annually, and they can vary significantly across different neighborhoods. Each year, San Jose 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 San Jose's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 87565 has the highest median property tax rate of 0.63%, while the same zip code also has the lowest median tax rate of 0.63%. Understanding how these areas compare with San Jose 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 San Jose Tax Rate
0.63%
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 San Jose, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87565 | 0.42% | 0.42% | 0.63% | 0.78% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across San Jose, New Mexico
In San Jose, 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 San Jose, 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. The median home price in San Jose is $98,190, with the highest median tax bill being $583 in zip code 87565. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average San Jose Assessed Value
$98,190
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 San Jose, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87565 | $31,534 | $54,673 | $98,190 | $227,132 | $395,386 |
Source: Ownwell
Property Tax Bills Across San Jose, New Mexico
In San Jose, property tax bills are calculated based on the assessed value of a home, which is determined by the local county assessor. The median home price in San Jose is $98,190. Property tax rates in the area are generally reflective of the state's overall tax structure, but specific bills can vary widely. For instance, homeowners in the 25th percentile may face a tax bill of around $303, while those in the 75th percentile could see bills as high as $1,194. At the 90th percentile, tax bills can soar to $2,995. These tax bills are influenced by several factors, including the property's market value, any applicable exemptions, and the specific tax rate set by local authorities. The highest and lowest median tax bill in the region is $583, found in the 87565 zip code. Property taxes in San Jose can significantly impact homeowners, affecting their monthly mortgage payments and overall financial planning. Understanding how these taxes are calculated can help homeowners better manage their budgets and anticipate future expenses.
Average San Jose Tax Bill
$583
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 San Jose, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87565 | $213 | $303 | $583 | $1,194 | $2,995 |
Source: Ownwell