Laguna, New Mexico Property Taxes
The median property tax rate in Laguna, NM is 0.84%, slightly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Laguna, the typical annual property tax bill reaches $141, significantly below the national median of $2,690. Property taxes in Laguna 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 Laguna'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 Laguna 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
Laguna, 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 Laguna Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Laguna with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Laguna 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 Laguna, New Mexico
Property taxes in Laguna, 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 Laguna is 0.84%, which is lower than the U.S. national median of 0.99%. Local government entities within Laguna set these rates annually, and they can vary significantly across different neighborhoods. Each year, Laguna 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 Laguna's effective property tax rate compares to other areas in Valencia County provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Laguna Tax Rate
0.84%
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 Laguna, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87023 | N/A | N/A | N/A | N/A | N/A |
| 87026 | 0.66% | 0.83% | 0.84% | 0.84% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Laguna, New Mexico
In Laguna, 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 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 Laguna, 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 Laguna helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 87026 has the highest and lowest median tax bill, both at $141.
Average Laguna Assessed Value
$16,883
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 Laguna, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87023 | N/A | N/A | N/A | N/A | N/A |
| 87026 | $3,492 | $11,118 | $16,883 | $54,754 | $80,542 |
Source: Ownwell
Property Tax Bills Across Laguna, New Mexico
In Laguna, Valencia County, NM, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property’s market value. Various factors such as the property's location, size, and condition are considered during this assessment. Homeowners in Laguna face a range of property tax bills. The 25th percentile tax bill is $75, reflecting the lower end of the spectrum, while the 75th percentile tax bill is $428. For those at the higher end, the 90th percentile tax bill reaches $628. The median home price in Laguna is $16,883, which influences the overall tax burden for homeowners. Compared to the national median property tax rate of 0.99%, Laguna offers relatively low property taxes. This can be beneficial for homeowners, making it more affordable to maintain ownership and manage their financial obligations. The highest and lowest median tax bills in the area are both $141, indicating a consistent tax rate within the zip code 87026.
Average Laguna Tax Bill
$141
Average Valencia County Tax Bill
$228
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Laguna, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87023 | N/A | N/A | N/A | N/A | N/A |
| 87026 | $26 | $76 | $141 | $428 | $628 |
Source: Ownwell