Trampas, New Mexico Property Taxes
The median property tax rate in Trampas, NM is 0.46%, 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 Trampas, the typical annual property tax bill amounts to $291, well below the national median of $2,690. Property taxes in Trampas are calculated based on the tax assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Trampas' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Trampas or another part of Taos County, gaining a thorough understanding of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Trampas, New Mexico Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,720
Ownwell’s Trampas Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Trampas with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Trampas 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 Trampas, New Mexico
Property taxes in Trampas, 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 Trampas is 0.46%, significantly lower than the U.S. national median of 0.99%. Local government entities within Trampas set these rates annually, and they can vary significantly across different neighborhoods. Each year, Trampas 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 Trampas's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87576 zip code has both the highest and lowest median property tax rate of 0.46%, matching Trampas's rate. Understanding how these areas compare with Trampas 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 Trampas Tax Rate
0.46%
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 Trampas, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87576 | 0.46% | 0.46% | 0.46% | 0.46% | 0.46% |
Source: Ownwell
Property Tax Assessment Values Across Trampas, New Mexico
In Trampas, 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. In Trampas, 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 Trampas helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In the 87576 zip code, the median tax bill is $291, which is consistent across various percentiles.
Average Trampas Assessed Value
$63,141
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 Trampas, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87576 | $63,141 | $63,141 | $63,141 | $63,141 | $63,141 |
Source: Ownwell
Property Tax Bills Across Trampas, New Mexico
In Trampas, located in Taos County, NM, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors and reflects a percentage of the property's market value. Homeowners in Trampas experience a consistent median property tax bill of $291, regardless of the home’s value, which is considerably lower than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the property's assessed value and local tax rates. The median home price in Trampas is $63,141, which, when combined with the local tax rate, results in the relatively low tax bills observed. This system ensures that homeowners contribute a fair share based on their property's value while keeping the financial burden manageable. For homeowners, these property taxes fund essential public services such as schools, infrastructure, and emergency services. The consistent tax bill across different percentiles suggests a stable and predictable tax environment, providing homeowners with financial predictability and peace of mind.
Average Trampas Tax Bill
$291
Average Taos County Tax Bill
$178
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Trampas, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87576 | $291 | $291 | $291 | $291 | $291 |
Source: Ownwell