Corrales, New Mexico Property Taxes
The median property tax rate in Corrales, NM is 1.02%, slightly higher than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Corrales at $236,651, the typical annual property tax bill reaches $2,421, just below the national median of $2,690. Property taxes in Corrales 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. Understanding Corrales' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Corrales 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
Corrales, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,414
Ownwell’s Corrales Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Corrales with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Corrales 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 Corrales, New Mexico
Property taxes in Corrales, 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 Corrales is 1.02%, which is higher than the U.S. national median of 0.99%. Local government entities within Corrales set these rates annually, and they can vary significantly across different neighborhoods. Each year, Corrales 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 Corrales's effective property tax rate to other areas in Bernalillo County and the national median. For comparison, the zip code 87048 has both the highest and lowest median property tax rate of 1.02%. Understanding how these areas compare with Corrales provides valuable insights into the varying tax landscape across Bernalillo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Corrales Tax Rate
1.02%
Average Bernalillo County Tax Rate
1.38%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Corrales, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87048 | 1.01% | 1.01% | 1.02% | 1.02% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Corrales, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Corrales, New Mexico. 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 Bernalillo 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 Corrales, 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 Corrales helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 87048, both valued at $2,421.
Average Corrales Assessed Value
$236,651
Average Bernalillo County Assessed Value
$164,969
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Corrales, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87048 | $173,471 | $192,422 | $236,651 | $297,782 | $369,366 |
Source: Ownwell
Property Tax Bills Across Corrales, New Mexico
In Corrales, property tax bills are calculated based on the assessed value of a home, which is determined by the Bernalillo County Assessor's Office. The assessed value is typically a percentage of the market value of the property. Several factors influence this assessed value, including the property's size, location, and condition. Homeowners in Corrales can expect their annual property tax bills to vary widely. For instance, the tax bill at the 25th percentile is about $1,992, while at the 75th percentile, it rises to approximately $3,095. At the 90th percentile, homeowners might see a tax bill as high as $3,806. With the median home price in Corrales being $236,651, the property tax rate in this area can significantly impact homeowners' financial planning. Compared to the national median property tax rate of 0.99%, the property tax bills in Corrales reflect a substantial investment in local infrastructure and services, making it crucial for homeowners to understand how these taxes are calculated and allocated.
Average Corrales Tax Bill
$2,421
Average Bernalillo County Tax Bill
$2,460
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Corrales, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87048 | $1,748 | $1,992 | $2,421 | $3,095 | $3,806 |
Source: Ownwell