Tesuque, New Mexico Property Taxes
The median property tax rate in Tesuque, NM is 0.63%, considerably lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Tesuque at $304,459, the typical annual property tax bill reaches $1,806, which is significantly below the national median of $2,690. Property taxes in Tesuque 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 Tesuque'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 Tesuque 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
Tesuque, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$1,918
Ownwell’s Tesuque Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tesuque with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tesuque 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 Tesuque, New Mexico
Property taxes in Tesuque, 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 Tesuque is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Tesuque set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tesuque 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 Tesuque's effective property tax rate to other areas in Santa Fe County and the national median. For comparison, the 87574 zip code has the highest median property tax rate of 0.63%, while the same zip code also has the lowest median tax rate of 0.63%. Understanding how these areas compare with Tesuque 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 Tesuque Tax Rate
0.63%
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 Tesuque, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87574 | 0.57% | 0.60% | 0.63% | 0.66% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Tesuque, New Mexico
In Tesuque, 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 Santa Fe 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 Tesuque, 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 Tesuque is $304,459, and the median tax bill ranges from $1,089 at the 25th percentile to $3,691 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 Tesuque helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tesuque Assessed Value
$304,459
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 Tesuque, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87574 | $110,843 | $194,108 | $304,459 | $444,706 | $581,786 |
Source: Ownwell
Property Tax Bills Across Tesuque, New Mexico
In Tesuque, property tax bills are calculated based on the assessed value of your home, which is determined by the Santa Fe County Assessor's Office. This assessed value is then multiplied by the local tax rate to determine your annual tax bill. For instance, with a median home price of $304,459, homeowners can expect varying tax bills depending on their property's assessed value and applicable exemptions. Factors influencing the tax bill include the property's market value, any improvements made, and applicable exemptions such as those for seniors or veterans. For example, tax bills in Tesuque range from $1,089 at the 25th percentile to $3,691 at the 90th percentile, reflecting differences in property values and exemptions. Compared to the national median property tax rate of 0.99%, Tesuque's property tax rate offers a unique perspective on how local assessments impact homeowners. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Tesuque Tax Bill
$1,806
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 Tesuque, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87574 | $675 | $1,089 | $1,806 | $2,793 | $3,691 |
Source: Ownwell