Costilla, New Mexico Property Taxes
The median property tax rate in Costilla, NM is 0.43%, 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 Costilla at $6,318, the typical annual property tax bill amounts to just $27, far below the national median of $2,690. Property taxes in Costilla are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Costilla'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 Costilla or another part of the city, being well-informed about the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Costilla, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.43%
Estimate Property Tax Bill
$27
Ownwell’s Costilla Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Costilla with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Costilla 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 Costilla, New Mexico
Property taxes in Costilla, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Costilla is 0.43%, significantly lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Costilla set these rates annually, and they can vary significantly across different neighborhoods. Each year, Costilla 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 Costilla's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87524 zip code has the highest median property tax rate of 0.43%, while the same zip code also has the lowest median tax rate of 0.43%. Understanding how these cities compare with Costilla provides valuable insights into the varying tax landscape across Costilla County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Costilla Tax Rate
0.43%
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 Costilla, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87524 | 0.43% | 0.43% | 0.43% | 0.43% | 0.43% |
Source: Ownwell
Property Tax Assessment Values Across Costilla, New Mexico
In Costilla, 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 local 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 Costilla, 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. Being aware of these valuation processes in Costilla helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Costilla is $6,318, with tax bills at the 25th, 75th, and 90th percentiles all being $27.
Average Costilla Assessed Value
$6,318
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 Costilla, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87524 | $6,318 | $6,318 | $6,318 | $6,318 | $6,318 |
Source: Ownwell
Property Tax Bills Across Costilla, New Mexico
In Costilla, located in Taos County, NM, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the local assessor's office and reflects the market value of the property. Homeowners in Costilla face a property tax rate that is influenced by various factors including local government budgets, public service funding, and school district requirements. For a median home price of $6,318, the property tax bills in Costilla are relatively low compared to the national median property tax rate of 0.99%. In fact, the tax bill at the 25th, 75th, and 90th percentiles remains consistent at $27. This uniformity suggests a stable tax environment for homeowners, making it easier to predict annual expenses. The impact on homeowners is significant, as lower property taxes can lead to reduced overall housing costs, potentially making homeownership more affordable. This stability in tax bills provides a sense of financial predictability, allowing homeowners to plan their budgets more effectively.
Average Costilla Tax Bill
$27
Average Taos County Tax Bill
$178
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Costilla, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87524 | $27 | $27 | $27 | $27 | $27 |
Source: Ownwell