Tres Piedras, New Mexico Property Taxes
The median property tax rate in Tres Piedras, NM is 0.61%, 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 Tres Piedras, the typical annual property tax bill reaches $352, significantly below the national median of $2,690. Property taxes in Tres Piedras 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 Tres Piedras'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 Tres Piedras 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
Tres Piedras, 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 Tres Piedras Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tres Piedras with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tres Piedras 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 Tres Piedras, New Mexico
Property taxes in Tres Piedras, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tres Piedras is 0.61%, lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Tres Piedras set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tres Piedras 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 Tres Piedras' effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87577 zip code has the highest median property tax rate of 0.61%, while the 87577 zip code also has the lowest median tax rate of 0.61%. Understanding how these cities compare with Tres Piedras 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 Tres Piedras Tax Rate
0.61%
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 Tres Piedras, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87577 | 0.59% | 0.61% | 0.61% | 0.61% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Tres Piedras, New Mexico
In Tres Piedras, 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 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 Tres Piedras, 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. In Tres Piedras, the highest and lowest median tax bills are both $352.00, found in zip code 87577. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tres Piedras Assessed Value
$51,402
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 Tres Piedras, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87577 | $4,112 | $12,550 | $51,402 | $220,299 | $443,356 |
Source: Ownwell
Property Tax Bills Across Tres Piedras, New Mexico
In Tres Piedras, located in Taos County, NM, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the market value of the property. Homeowners in Tres Piedras can expect their tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $168, while at the 75th percentile, it rises to $1,836. At the 90th percentile, it can go up to $2,833. The highest and lowest median tax bills in the area are both $352, indicating a consistent rate within the zip code 87577. Compared to the national median property tax rate of 0.99%, the tax rates in Tres Piedras might seem more manageable for some homeowners, especially given the median home price of $51,402. These factors collectively influence how much a homeowner will pay annually, affecting their overall financial planning and stability.
Average Tres Piedras Tax Bill
$352
Average Taos County Tax Bill
$178
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Tres Piedras, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87577 | $67 | $168 | $352 | $1,836 | $2,833 |
Source: Ownwell