Rio Rancho, New Mexico Property Taxes
The median property tax rate in Rio Rancho, NM is 1.42%, considerably higher than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Rio Rancho at $185,869, the typical annual property tax bill reaches $2,635, just below the national median of $2,690. Property taxes in Rio Rancho 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 Rio Rancho'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 Rio Rancho 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
Rio Rancho, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.42%
Estimate Property Tax Bill
$2,639
Ownwell’s RIO RANCHO Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in RIO RANCHO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in RIO RANCHO 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 Rio Rancho, New Mexico
Property taxes in Rio Rancho, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rio Rancho is 1.42%, significantly higher than the U.S. national median of 0.99%. Local government entities within Rio Rancho set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rio Rancho 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 Rio Rancho's effective property tax rate to other areas in Bernalillo County and the national median. For comparison, the zip code 87144 has the highest median property tax rate of 1.42%, while the same zip code also has the lowest median tax rate of 1.42%. Understanding how these areas compare with Rio Rancho 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 Rio Rancho Tax Rate
1.42%
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 Rio Rancho, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87144 | 1.42% | 1.42% | 1.42% | 1.42% | 1.42% |
Source: Ownwell
Property Tax Assessment Values Across Rio Rancho, New Mexico
In Rio Rancho, 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 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 Rio Rancho, 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 Rio Rancho helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 87144 in Rio Rancho has both the highest and lowest median tax bills, amounting to $2,635.
Average Rio Rancho Assessed Value
$185,869
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 Rio Rancho, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87144 | $185,869 | $185,869 | $185,869 | $185,869 | $185,869 |
Source: Ownwell
Property Tax Bills Across Rio Rancho, New Mexico
In Rio Rancho, located in Bernalillo County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value typically represents a percentage of the property's market value. The local tax rate is then applied to this assessed value to calculate the annual property tax bill. For homeowners in Rio Rancho, the median home price is $185,869. The property tax bills in the area are consistent, with the 25th, 75th, and 90th percentiles all reporting a tax bill of $2,635. This uniformity indicates a stable tax environment for residents. The specific zip code 87144 has both the highest and lowest median tax bills, reflecting the area's consistent property tax assessments. Compared to the national median property tax rate of 0.99%, Rio Rancho's property tax rate may seem higher, but it ensures that local services and infrastructure are adequately funded, directly impacting the community's quality of life. Homeowners should consider these factors when evaluating the overall cost of owning property in this region.
Average Rio Rancho Tax Bill
$2,635
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 Rio Rancho, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87144 | $2,635 | $2,635 | $2,635 | $2,635 | $2,635 |
Source: Ownwell