San Luis, New Mexico Property Taxes
The median property tax rate in San Luis, NM is 0.70%, which is 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 San Luis at $40,996, the typical annual property tax bill is $307, well below the national median of $2,690. Property taxes in San Luis are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding San Luis'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 San Luis 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
San Luis, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$287
Ownwell’s SAN LUIS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SAN LUIS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SAN LUIS 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 San Luis, New Mexico
Property taxes in SAN LUIS, 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 SAN LUIS is 0.70%, which is lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within SAN LUIS set these rates annually, and they can vary significantly across different neighborhoods. Each year, SAN LUIS 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 SAN LUIS's effective property tax rate to other counties in New Mexico and the national median. For comparison, the highest median property tax rate in New Mexico is in ZIP code 87544 with a rate of 1.02%, while the lowest median tax rate is in ZIP code 87001 at 0.55%. Understanding how these cities compare with SAN LUIS 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 San Luis Tax Rate
0.70%
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 San Luis, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across San Luis, New Mexico
In SAN LUIS, NM, 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 SAN LUIS, 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 zip codes with the highest and lowest tax bills are 367 and 188, respectively. Being aware of these valuation processes in SAN LUIS helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average San Luis Assessed Value
$40,996
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 San Luis, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across San Luis, New Mexico
In Sandoval County, NM, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessed value is a percentage of the property's market value. For homeowners in San Luis, the median home price is $40,996. The local tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the property tax bill, including the property's location, size, and any applicable exemptions. In San Luis, homeowners can expect their tax bills to vary, with the 25th percentile at $188 and the 75th percentile at $366. This range shows how property taxes can differ significantly even within the same area. The property tax rate in Sandoval County affects homeowners by contributing to essential public services such as schools, infrastructure, and emergency services. Understanding these factors can help homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average San Luis Tax Bill
$307
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 San Luis, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell