Arroyo Hondo, New Mexico Property Taxes
The median property tax rate in Arroyo Hondo, NM is 0.58%, 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 Arroyo Hondo, the typical annual property tax bill reaches $898, significantly below the national median of $2,690. Property taxes in Arroyo Hondo 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 Arroyo Hondo'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 Arroyo Hondo 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
Arroyo Hondo, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$259
Ownwell’s Arroyo Hondo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Arroyo Hondo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Arroyo Hondo 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 Arroyo Hondo, New Mexico
Property taxes in Arroyo Hondo, 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 Arroyo Hondo is 0.58%, which is notably lower than the U.S. national median of 0.99%. Local government entities within Arroyo Hondo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Arroyo Hondo 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 Arroyo Hondo's effective property tax rate to other areas in Taos County and the national median. For comparison, the zip code 87513 has both the highest and the lowest median property tax rate of 0.58%. Understanding how these areas compare with Arroyo Hondo provides valuable insights into the varying tax landscape across Taos County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Arroyo Hondo Tax Rate
0.58%
Average Taos County Tax Rate
0.59%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Arroyo Hondo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87513 | 0.51% | 0.55% | 0.58% | 0.61% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across Arroyo Hondo, New Mexico
In Arroyo Hondo, 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 Taos 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. Assessment notices in Arroyo Hondo 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 Arroyo Hondo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the region is $898 in the 87513 zip code, while the lowest is also $898 in the same zip code.
Average Arroyo Hondo Assessed Value
$44,667
Average Taos County Assessed Value
$25,092
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Arroyo Hondo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87513 | $4,589 | $5,973 | $44,667 | $331,515 | $552,840 |
Source: Ownwell
Property Tax Bills Across Arroyo Hondo, New Mexico
In Arroyo Hondo, located in Taos County, NM, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. This assessed value is a percentage of the property's market value. The tax rate is then applied to this assessed value to determine the annual property tax bill. Factors such as the property's location, size, and improvements can influence the assessed value. Homeowners in Arroyo Hondo can expect a wide range of property tax bills. For instance, the 25th percentile tax bill is $69, while the 75th percentile tax bill reaches $2,212. The 90th percentile tax bill can be as high as $3,514. When compared to the national median property tax rate of 0.99%, these figures illustrate the variability within the region. This variability can significantly impact homeowners, influencing their overall housing costs and financial planning. Understanding these factors is crucial for homeowners to anticipate their property tax obligations accurately.
Average Arroyo Hondo Tax Bill
$898
Average Taos County Tax Bill
$178
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Arroyo Hondo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87513 | $26 | $69 | $898 | $2,212 | $3,514 |
Source: Ownwell