Tererro, New Mexico Property Taxes
The median property tax rate in Tererro, NM is 0.42%, 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 Tererro at $116,258, the typical annual property tax bill is $523, well below the national median of $2,690. Property taxes in Tererro 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 Tererro'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 Tererro 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
Tererro, 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 Tererro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tererro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tererro 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 Tererro, New Mexico
Property taxes in Tererro, New Mexico, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Tererro is 0.42%, which is lower than the U.S. national median of 0.99%. Local government entities within Tererro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tererro 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 Tererro's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87573 zip code has both the highest and lowest median property tax rate of 0.42%. Understanding how these cities compare with Tererro 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 Tererro 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 Tererro, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87573 | 0.42% | 0.42% | 0.42% | 0.42% | 0.46% |
Source: Ownwell
Property Tax Assessment Values Across Tererro, New Mexico
In Tererro, 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 Tererro, 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 Tererro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $116,258, with median tax bills ranging from $281 at the 25th percentile to $2,184 at the 90th percentile. The zip code 87573 has the highest and lowest median tax bill at $523.
Average Tererro Assessed Value
$116,258
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 Tererro, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87573 | $42,898 | $60,501 | $116,258 | $227,022 | $499,094 |
Source: Ownwell
Property Tax Bills Across Tererro, New Mexico
Property tax bills in Tererro, located in San Miguel County, NM, are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and reflects a percentage of the property's market value. Homeowners in Tererro can expect their property tax bill to vary significantly depending on their property's assessed value and the specific tax rate applied. For instance, the median home price in Tererro is $116,258, and property taxes can range widely. At the 25th percentile, homeowners might pay around $281, while those at the 75th percentile could see bills up to $1,035. The 90th percentile tax bill can reach as high as $2,184. Comparatively, the national median property tax rate is 0.99%, which can provide a benchmark for understanding local rates. These property taxes are crucial for funding local services such as schools, infrastructure, and emergency services, directly impacting the quality of life and community resources available to residents.
Average Tererro Tax Bill
$523
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 Tererro, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87573 | $185 | $281 | $523 | $1,035 | $2,184 |
Source: Ownwell