Rio Rancho, New Mexico Property Taxes
The median property tax rate in Rio Rancho, NM is 1.22%, notably higher than both the national median of 0.99% and the New Mexico state median of 0.86%. With a median home value of $188,545 in Rio Rancho, the typical annual property tax bill amounts to $2,263, which is below the national median of $2,690. Property taxes in Rio Rancho are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Rio Rancho'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 Rio Rancho 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
Rio Rancho, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.22%
Estimate Property Tax Bill
$2,300
Ownwell’s Rio Rancho Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers a simple way to estimate their annual property taxes in Rio Rancho using just two data points. By inputting your property's estimated assessed value, the calculator utilizes the median tax rate in Rio Rancho to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by Sandoval County for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Rio Rancho, New Mexico
Property taxes in Rio Rancho, New Mexico, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rio Rancho is 1.22%, higher than the U.S. national median of 0.99%. Local government entities within Rio Rancho set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rio Rancho 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 Rio Rancho's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 87144 has the highest median property tax rate of 1.22%, while zip code 87124 has the lowest median tax rate of 1.22%. Understanding how these cities compare with Rio Rancho 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 Rio Rancho Tax Rate
1.22%
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 Rio Rancho, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87004 | N/A | N/A | N/A | N/A | N/A |
| 87124 | 1.10% | 1.17% | 1.22% | 1.22% | 1.33% |
| 87144 | 1.13% | 1.18% | 1.22% | 1.22% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Rio Rancho, New Mexico
In Rio Rancho, 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's Office 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 Rio Rancho, 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. For instance, the median home price in Rio Rancho is $188,545, with median tax bills ranging from $1,667 at the 25th percentile to $4,579 at the 90th percentile. The highest median tax bill is $2,466 in the 87144 zip code, while the lowest is $2,078 in the 87124 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Rio Rancho Assessed Value
$188,545
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 Rio Rancho, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87004 | N/A | N/A | N/A | N/A | N/A |
| 87124 | $98,355 | $130,413 | $172,628 | $248,544 | $337,855 |
| 87144 | $124,453 | $155,871 | $207,330 | $295,234 | $389,658 |
Source: Ownwell
Property Tax Bills Across Rio Rancho, New Mexico
In Rio Rancho, located in Sandoval County, NM, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the county assessor and is typically a percentage of the property's market value. Various factors such as property location, size, and improvements are considered in this assessment. Once the assessed value is established, the local tax rate, or mill rate, is applied to calculate the annual property tax bill. Homeowners in Rio Rancho face varying tax bills depending on their property's assessed value. For example, the median home price in the area is $188,545. The tax bill can range significantly, with the 25th percentile at $1,667 and the 75th percentile at $3,319. At the higher end, the 90th percentile tax bill reaches $4,579. The highest median tax bill in the area is $2,466 in the 87144 zip code, while the lowest is $2,078 in the 87124 zip code. These property taxes impact homeowners by contributing to local services and infrastructure, ultimately influencing the overall cost of homeownership.
Average Rio Rancho Tax Bill
$2,263
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 Rio Rancho, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87004 | N/A | N/A | N/A | N/A | N/A |
| 87124 | $1,131 | $1,521 | $2,078 | $3,073 | $4,180 |
| 87144 | $1,453 | $1,839 | $2,466 | $3,618 | $5,039 |
Source: Ownwell