Edgewood, New Mexico Property Taxes
The median property tax rate in Edgewood, NM is 0.90%, slightly below the national median of 0.99% but higher than New Mexico's state median of 0.86%. With a median home value of $69,800 in Edgewood, the typical annual property tax bill amounts to $1,529, which is lower than the national median of $2,690. Property taxes in Edgewood are based on the tax assessed value, which is often less than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Edgewood'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 Edgewood 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
Edgewood, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$628
Ownwell’s Edgewood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Edgewood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Edgewood 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 Edgewood, New Mexico
Property taxes in Edgewood, 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 Edgewood is 0.90%, which is lower than the U.S. national median of 0.99%. Local government entities within Edgewood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Edgewood 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 Edgewood's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 87015 has both the highest and lowest median property tax rate of 0.90%. Understanding how these cities compare with Edgewood 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 Edgewood Tax Rate
0.90%
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 Edgewood, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87015 | 0.87% | 0.89% | 0.90% | 0.92% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Edgewood, New Mexico
In Edgewood, 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 Bernalillo 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 Edgewood, 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 Edgewood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $1,529, found in the 87015 zip code.
Average Edgewood Assessed Value
$69,800
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 Edgewood, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87015 | $5,300 | $16,800 | $69,800 | $209,768 | $309,576 |
Source: Ownwell
Property Tax Bills Across Edgewood, New Mexico
In Edgewood, located in Bernalillo County, NM, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. The assessed value is a percentage of the property's market value. Various factors, such as the property's location, size, and condition, are considered in determining this value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For homeowners in Edgewood, the property tax rate and the assessed value directly impact their tax bills. The median home price in the area is $69,800, and tax bills can vary significantly. For instance, the 25th percentile tax bill is $621, while the 75th percentile goes up to $2,331, and the 90th percentile reaches $3,268. These figures show a wide range, reflecting the diversity in property values and tax rates within the area. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens.
Average Edgewood Tax Bill
$1,529
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 Edgewood, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87015 | $281 | $621 | $1,529 | $2,331 | $3,268 |
Source: Ownwell