Los Lunas, New Mexico Property Taxes
The median property tax rate in Los Lunas, NM is 0.84%, lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Los Lunas, the typical annual property tax bill reaches $201, significantly below the national median of $2,690. Property taxes in Los Lunas 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 Los Lunas' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Los Lunas 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
Los Lunas, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$202
Ownwell’s LOS LUNAS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LOS LUNAS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LOS LUNAS 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 Los Lunas, New Mexico
Property taxes in Los Lunas, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Los Lunas is 0.84%, which is lower than the U.S. national median of 0.99%. Local government entities within Los Lunas set these rates annually, and they can vary significantly across different neighborhoods. Each year, Los Lunas 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 Los Lunas's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87031 zip code has the highest median property tax rate of 0.84%, while the 87042 zip code has the lowest median tax rate of 0.83%. Understanding how these cities compare with Los Lunas 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 Los Lunas 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 Los Lunas, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87031 | 0.72% | 0.83% | 0.84% | 0.96% | 1.11% |
| 87042 | 0.83% | 0.83% | 0.83% | 0.83% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Los Lunas, New Mexico
In Los Lunas, 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 Los Lunas, 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. For instance, the highest median tax bill in Los Lunas is $292 in the 87042 zip code, while the lowest is $201 in the 87031 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Los Lunas Assessed Value
$24,039
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 Los Lunas, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87031 | $3,775 | $11,074 | $24,039 | $66,380 | $114,961 |
| 87042 | $35,258 | $35,258 | $35,258 | $35,258 | $35,258 |
Source: Ownwell
Property Tax Bills Across Los Lunas, New Mexico
In Los Lunas, Valencia County, NM, property tax bills are calculated based on the assessed value of a property and the county's tax rate. The assessed value is determined by the county assessor and reflects a percentage of the property's market value. Factors such as location, property size, and improvements play a significant role in determining this value. For homeowners, this means that properties in Los Lunas with a median home price of $24,039 can expect varying tax bills. For instance, tax bills range from the 25th percentile at $87 to the 75th percentile at $602, with the 90th percentile reaching up to $1,137. The highest median tax bill is $292 in zip code 87042, while the lowest is $201 in zip code 87031. Compared to the national median property tax rate of 0.99%, the tax rates in Los Lunas are relatively modest, which can provide some financial relief to homeowners when managing their annual expenses.
Average Los Lunas Tax Bill
$201
Average Valencia County Tax Bill
$228
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Los Lunas, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87031 | $29 | $87 | $201 | $602 | $1,137 |
| 87042 | $292 | $292 | $292 | $292 | $292 |
Source: Ownwell