Corrales, New Mexico Property Taxes
The median property tax rate in Corrales, NM is 1.09%, higher than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Corrales at $350,529, the typical annual property tax bill reaches $3,916, significantly exceeding the national median of $2,690. Property taxes in Corrales 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 Corrales'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 Corrales 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
Corrales, 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 Corrales Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Corrales with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Corrales 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 Corrales, New Mexico
Property taxes in Corrales, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Corrales is 1.09%, higher than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Corrales set these rates annually, and they can vary significantly across different neighborhoods. Each year, Corrales 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 Corrales's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87048 zip code has the highest median property tax rate of 1.09%, while the 87048 zip code has the lowest median tax rate of 1.09%. Understanding how these cities compare with Corrales provides valuable insights into the varying tax landscape across Sandoval County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Corrales Tax Rate
1.09%
Average Sandoval County Tax Rate
1.19%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Corrales, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87048 | 1.04% | 1.07% | 1.09% | 1.25% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Corrales, New Mexico
In Corrales, 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 Sandoval 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 Corrales, 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 Corrales is $350,529, with tax bills ranging from $2,533 at the 25th percentile to $8,466 at the 90th percentile. The highest and lowest median tax bills are both $3,916, found in zip code 87048. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Corrales Assessed Value
$350,529
Average Sandoval County Assessed Value
$190,579
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Corrales, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87048 | $104,253 | $221,266 | $350,529 | $517,116 | $720,938 |
Source: Ownwell
Property Tax Bills Across Corrales, New Mexico
In Corrales, property tax bills are calculated based on the assessed value of a home, which is determined by the Sandoval County Assessor's Office. The assessed value is a percentage of the property's market value, and this figure is then multiplied by the local tax rate to determine the tax bill. For homeowners in Corrales, the median home price is $350,529. Tax bills can vary significantly, with the 25th percentile tax bill at $2,533 and the 75th percentile tax bill at $5,946. At the higher end, the 90th percentile tax bill reaches $8,466. Several factors influence the final tax bill, including the property's location, any applicable exemptions, and the specific tax rate set by local authorities. The highest and lowest median tax bills in Corrales both stand at $3,916 in the 87048 zip code. Compared to the national median property tax rate of 0.99%, homeowners in Corrales may experience varying levels of tax burden, which can impact their overall housing costs and financial planning.
Average Corrales Tax Bill
$3,916
Average Sandoval County Tax Bill
$2,213
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Corrales, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87048 | $1,243 | $2,533 | $3,916 | $5,946 | $8,466 |
Source: Ownwell