Chimayo, New Mexico Property Taxes
The median property tax rate in Chimayo, NM is 0.58%, which is significantly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With a median home value of $133,693 in Chimayo, the typical annual property tax bill is $626, well below the national median of $2,690. Property taxes in Chimayo 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. Gaining an understanding of Chimayo'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 Chimayo or another part of Santa Fe County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Chimayo, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$775
Ownwell’s Chimayo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chimayo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chimayo 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 Chimayo, New Mexico
Property taxes in Chimayo, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chimayo is 0.58%, which is lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Chimayo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chimayo 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 Chimayo's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87522 zip code has the highest median property tax rate of 0.58%, while the 87522 zip code also has the lowest median tax rate of 0.58%. Understanding how these cities compare with Chimayo provides valuable insights into the varying tax landscape across Santa Fe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chimayo Tax Rate
0.58%
Average Santa Fe County Tax Rate
0.55%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chimayo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87522 | 0.28% | 0.42% | 0.58% | 0.66% | 0.66% |
Source: Ownwell
Property Tax Assessment Values Across Chimayo, New Mexico
In Chimayo, New Mexico, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 Santa Fe 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 Chimayo, 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. The median home price in Chimayo is $133,693, with tax bills ranging from $330 at the 25th percentile to $1,526 at the 90th percentile. 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 Chimayo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Chimayo Assessed Value
$133,693
Average Santa Fe County Assessed Value
$365,234
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chimayo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87522 | $40,000 | $59,152 | $133,693 | $204,240 | $283,092 |
Source: Ownwell
Property Tax Bills Across Chimayo, New Mexico
In Chimayo, Santa Fe County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is typically a percentage of the property's market value. For example, with a median home price of $133,693, the tax bill can vary significantly. Factors such as the home's location, size, and improvements can influence the assessed value. Homeowners in Chimayo can expect their property tax bills to fall within a range, with the 25th percentile at $330 and the 75th percentile at $1,005. At the higher end, the 90th percentile tax bill reaches $1,526. Compared to the national median property tax rate of 0.99%, Chimayo’s rates may seem relatively moderate but can still impact household budgets. These taxes fund essential local services, including schools, public safety, and infrastructure, directly affecting the community's quality of life. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Chimayo Tax Bill
$626
Average Santa Fe County Tax Bill
$1,886
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Chimayo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87522 | $145 | $330 | $626 | $1,005 | $1,526 |
Source: Ownwell