Bosque Farms, New Mexico Property Taxes
The median property tax rate in Bosque Farms, NM is 1.03%, slightly above the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Bosque Farms at $45,000, the typical annual property tax bill is $457, which is significantly lower than the national median of $2,690. Property taxes in Bosque Farms are calculated based on the tax assessed value, which usually falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Bosque Farms' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Bosque Farms or another part of Valencia County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bosque Farms, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$464
Ownwell’s Bosque Farms Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bosque Farms with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bosque Farms 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 Bosque Farms, New Mexico
Property taxes in Bosque Farms, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bosque Farms is 1.03%, higher than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Bosque Farms set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bosque Farms 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. Understanding how Bosque Farms compares with other areas provides valuable insights into the varying tax landscape across Valencia County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bosque Farms Tax Rate
1.03%
Average Valencia County Tax Rate
0.84%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bosque Farms, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87068 | 0.79% | 0.92% | 1.03% | 1.10% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Bosque Farms, New Mexico
In Bosque Farms, 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 Valencia 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 Bosque Farms, 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 Bosque Farms helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Bosque Farms are both $457.00, found in the 87068 zip code.
Average Bosque Farms Assessed Value
$45,000
Average Valencia County Assessed Value
$25,479
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bosque Farms, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87068 | $3,562 | $9,864 | $45,000 | $110,472 | $146,382 |
Source: Ownwell
Property Tax Bills Across Bosque Farms, New Mexico
In Bosque Farms, located in Valencia County, NM, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is a percentage of the property's market value, which is determined by the county assessor. This value is then multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence the tax bill, including the property's location, size, and condition. In Bosque Farms, the median home price is $45,000, and tax bills vary significantly. For instance, the 25th percentile tax bill is $78, while the 75th percentile tax bill reaches $1,178. At the 90th percentile, homeowners might pay up to $1,577 annually. These property taxes fund essential services such as schools, infrastructure, and public safety. Comparatively, the national median property tax rate is 0.99%, which can help homeowners gauge how their local rates measure up. Understanding these factors can help homeowners anticipate their annual tax obligations and plan accordingly.
Average Bosque Farms Tax Bill
$457
Average Valencia County Tax Bill
$228
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Bosque Farms, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87068 | $30 | $78 | $457 | $1,178 | $1,577 |
Source: Ownwell