Tajique, New Mexico Property Taxes
The median property tax rate in Tajique, NM is 0.72%, which is lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With a median home value of $41,258 in Tajique, the typical annual property tax bill amounts to $294, significantly below the national median of $2,690. Property taxes in Tajique 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. Familiarizing yourself with Tajique'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 Tajique or another part of Torrance County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tajique, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$297
Ownwell’s Tajique Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tajique with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tajique 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 Tajique, New Mexico
Property taxes in Tajique, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tajique is 0.72%, lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Tajique set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tajique 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 Tajique's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87016 zip code has both the highest and lowest median property tax rate of 0.72%. Understanding how these cities compare with Tajique provides valuable insights into the varying tax landscape across Torrance County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tajique Tax Rate
0.72%
Average Torrance County Tax Rate
0.80%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tajique, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87016 | 0.71% | 0.71% | 0.72% | 0.74% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Tajique, New Mexico
In Tajique, 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 Torrance 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 Tajique, 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 Tajique helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 87016 has a median tax bill of $294, which is both the highest and lowest in the area, highlighting the uniformity in property tax assessments.
Average Tajique Assessed Value
$41,258
Average Torrance County Assessed Value
$24,245
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tajique, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87016 | $15,597 | $31,198 | $41,258 | $60,010 | $91,255 |
Source: Ownwell
Property Tax Bills Across Tajique, New Mexico
In Tajique, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the Torrance County Assessor's Office and reflects a percentage of the property's market value. Factors such as the property's location, size, and condition are considered during assessment. Once the assessed value is determined, the local tax rate is applied to calculate the annual tax bill. For homeowners in Tajique, the median home price stands at $41,258. Property tax bills can vary widely; the 25th percentile tax bill is $222, while the 75th percentile is $452, and the 90th percentile reaches $716. Compared to the national median property tax rate of 0.99%, Tajique offers relatively affordable property taxes. The highest and lowest median tax bills in the area are both $294, indicating some consistency in tax rates within the 87016 zip code. Understanding these factors helps homeowners budget for their annual expenses and provides insight into how property taxes impact their financial planning.
Average Tajique Tax Bill
$294
Average Torrance County Tax Bill
$232
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Tajique, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87016 | $111 | $222 | $294 | $452 | $716 |
Source: Ownwell