Jemez Springs, New Mexico Property Taxes
The median property tax rate in Jemez Springs, 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 $125,921 in Jemez Springs, the typical annual property tax bill amounts to $946, falling below the national median of $2,690. Property taxes in Jemez Springs are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Jemez Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Jemez Springs 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
Jemez Springs, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$944
Ownwell’s Jemez Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jemez Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jemez Springs 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 Jemez Springs, New Mexico
Property taxes in Jemez Springs, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jemez Springs is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Jemez Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jemez Springs 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 Jemez Springs' effective property tax rate to other areas in New Mexico and the national median. For comparison, the zip code 87025 has the highest median property tax rate of 0.75%, while it also has the lowest median tax rate of 0.75%. Understanding how these areas compare with Jemez Springs 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 Jemez Springs Tax Rate
0.75%
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 Jemez Springs, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87025 | 0.70% | 0.75% | 0.75% | 0.75% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Jemez Springs, New Mexico
In Jemez Springs, 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 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 Jemez Springs, 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 Jemez Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $125,921, with the highest and lowest median tax bills both recorded at $946 in zip code 87025.
Property Tax Assessment Values Across Jemez Springs, New Mexico
Source: Ownwell
$3,924
$271,828
$539,732
Average Jemez Springs Assessed Value
$125,921
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 Jemez Springs, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87025 | $39,844 | $69,907 | $125,921 | $197,974 | $299,230 |
Source: Ownwell
Property Tax Bills Across Jemez Springs, New Mexico
In Jemez Springs, located in Sandoval County, NM, property tax bills are calculated based on the assessed value of a home rather than its market value. The assessed value is determined by the county assessor and is typically a percentage of the market value. Homeowners in Jemez Springs can expect their property tax bills to vary significantly depending on their property's assessed value and the local tax rate. For instance, the tax bill for the 25th percentile is around $514, while for the 75th percentile, it rises to approximately $1,479. Several factors influence the property tax bill, including property size, location, and any applicable exemptions. The highest median tax bill recorded in Jemez Springs is $946, which is below the national median property tax rate of 0.99%. These property taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting the community's quality of life. Homeowners should be aware of these factors as they can significantly affect their annual financial planning.
Average Jemez Springs Tax Bill
$946
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 Jemez Springs, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87025 | $295 | $514 | $946 | $1,479 | $2,261 |
Source: Ownwell