San Rafael, New Mexico Property Taxes
The median property tax rate in San Rafael, New Mexico is 0.94%, slightly below the national median of 0.99% but higher than the New Mexico state median of 0.86%. With a median home value of $27,822 in San Rafael, the typical annual property tax bill is approximately $233, which is significantly lower than the national median of $2,690. Property taxes in San Rafael are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding San Rafael's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you’re in the heart of San Rafael or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
San Rafael, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$262
Ownwell’s SAN RAFAEL Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SAN RAFAEL with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SAN RAFAEL 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 San Rafael, New Mexico
Property taxes in San Rafael, 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 San Rafael is 0.94%, which is slightly below the U.S. national median of 0.99%. Local government entities within San Rafael set these rates annually, and they can vary significantly across different neighborhoods. Each year, San Rafael 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 San Rafael's effective property tax rate to other areas in New Mexico and the national median. For comparison, the 87020 zip code has the highest median property tax rate of 1.12%, while the 87051 zip code has the lowest median tax rate of 0.94%. Understanding how these areas compare with San Rafael provides valuable insights into the varying tax landscape across Cibola County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average San Rafael Tax Rate
0.94%
Average Cibola County Tax Rate
0.98%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across San Rafael, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87020 | 1.12% | 1.12% | 1.12% | 1.12% | 1.12% |
| 87021 | 0.94% | 0.94% | 0.94% | 0.94% | 0.94% |
| 87051 | 0.70% | 0.93% | 0.94% | 0.97% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across San Rafael, New Mexico
In San Rafael, 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 Cibola 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 San Rafael, 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 San Rafael helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $233.00, with the zip code 87051 reflecting these values.
Average San Rafael Assessed Value
$27,822
Average Cibola County Assessed Value
$45,831
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across San Rafael, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87020 | $2,749 | $2,749 | $2,749 | $2,749 | $2,749 |
| 87021 | $2,388 | $2,388 | $2,388 | $2,388 | $2,388 |
| 87051 | $2,771 | $6,012 | $27,972 | $71,126 | $118,515 |
Source: Ownwell
Property Tax Bills Across San Rafael, New Mexico
In San Rafael, property tax bills are calculated based on the assessed value of a home, which is determined by the Cibola County Assessor's Office. This assessed value is a percentage of the property's market value, and the tax rate is applied to this assessed value to compute the tax bill. Several factors influence the assessed value, including the property's location, size, and condition. The median home price in San Rafael is $27,822, and the property tax rate in Cibola County is applied to this value to determine the tax bill. Homeowners in San Rafael can expect a wide range of tax bills. For instance, the 25th percentile tax bill is $47, while the 75th percentile reaches $635, and the 90th percentile can be as high as $1,055. These figures show that property tax bills can vary significantly depending on the specific characteristics of the property. Compared to the national median property tax rate of 0.99%, homeowners in San Rafael may find their tax bills to be relatively manageable, though they can still impact household budgets.
Average San Rafael Tax Bill
$233
Average Cibola County Tax Bill
$449
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across San Rafael, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87020 | $31 | $31 | $31 | $31 | $31 |
| 87021 | $22 | $22 | $22 | $22 | $22 |
| 87051 | $23 | $47 | $233 | $638 | $1,056 |
Source: Ownwell