Trementina, New Mexico Property Taxes
The median property tax rate in Trementina, NM is 0.75%, 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 $102,188 in Trementina, the typical annual property tax bill is approximately $782, significantly below the national median of $2,690. Property taxes in Trementina are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Trementina'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 Trementina or another part of the city, comprehending the local property tax system benefits both homeowners and real estate investors.
Last Updated June 14, 2024
Trementina, 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 TREMENTINA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in TREMENTINA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in TREMENTINA 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 Trementina, New Mexico
Property taxes in Trementina, 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 Trementina is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Trementina set these rates annually, and they can vary significantly across different neighborhoods. Each year, Trementina 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 Trementina's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 88439 zip code has both the highest and lowest median property tax rate of 0.75%. Understanding how these areas compare with Trementina 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 Trementina Tax Rate
0.75%
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 Trementina, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88439 | 0.73% | 0.75% | 0.75% | 0.76% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Trementina, New Mexico
In Trementina, 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. 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 Trementina helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 88439, with a median tax bill of $782.
Average Trementina Assessed Value
$102,188
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 Trementina, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88439 | $52,263 | $67,621 | $102,188 | $146,443 | $215,096 |
Source: Ownwell
Property Tax Bills Across Trementina, New Mexico
In Trementina, San Miguel County, NM, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Trementina is $102,188, and the property tax rate is influenced by various factors, including local government budgets and community needs. Homeowners in Trementina can expect their annual property tax bills to vary significantly, with the 25th percentile at $466 and the 75th percentile at $933. For those in the 90th percentile, tax bills can reach up to $1,261. These tax bills are determined by multiplying the assessed value of the property by the local tax rate. This rate is set by local authorities and can fluctuate based on budgetary requirements and public services funding. For homeowners, understanding these factors is crucial, as property taxes impact overall housing costs and financial planning. Compared to the national median property tax rate of 0.99%, Trementina's rates offer a unique perspective on regional tax burdens.
Average Trementina Tax Bill
$782
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 Trementina, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88439 | $369 | $466 | $782 | $933 | $1,261 |
Source: Ownwell