Gladstone, New Mexico Property Taxes
The median property tax rate in Gladstone, NM is 0.82%, which is lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Gladstone at $26,385, the typical annual property tax bill is $209, significantly below the national median of $2,690. Property taxes in Gladstone are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Gladstone’s property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Gladstone or another part of Colfax County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gladstone, New Mexico Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,720
Ownwell’s Gladstone Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gladstone with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gladstone 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 Gladstone, New Mexico
Property taxes in Gladstone, 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 Gladstone is 0.82%, which is lower than the U.S. national median of 0.99%. Local government entities within Gladstone set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gladstone 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 Gladstone's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 88422 has both the highest and lowest median property tax rate of 0.82%. Understanding how these cities compare with Gladstone provides valuable insights into the varying tax landscape across Colfax County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gladstone Tax Rate
0.82%
Average Colfax County Tax Rate
0.76%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gladstone, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88422 | 0.76% | 0.82% | 0.82% | 0.82% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Gladstone, New Mexico
In Gladstone, 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 Colfax 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 Gladstone, 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 Gladstone helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, zip code 88422 has the highest and lowest median tax bill at $209, offering a unique insight into the local property tax landscape.
Average Gladstone Assessed Value
$26,385
Average Colfax County Assessed Value
$80,911
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gladstone, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88422 | $3,750 | $5,624 | $26,385 | $33,564 | $48,866 |
Source: Ownwell
Property Tax Bills Across Gladstone, New Mexico
In Gladstone, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. Homeowners in Colfax County, where Gladstone is located, experience a median home price of $26,385. The property tax rate in this region is influenced by local government budgets and the needs of public services such as schools and infrastructure. The tax bill for homeowners can vary significantly. For instance, the 25th percentile tax bill is around $47, while the 75th percentile tax bill reaches approximately $255. At the higher end, the 90th percentile tax bill can be as much as $402. These variations are a result of differences in property values and the specific tax rates applied. When compared to the national median property tax rate of 0.99%, Gladstone's property taxes can be seen as relatively moderate, making it an appealing location for homeowners looking for affordability in their annual property tax obligations.
Average Gladstone Tax Bill
$209
Average Colfax County Tax Bill
$615
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Gladstone, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88422 | $33 | $47 | $209 | $255 | $402 |
Source: Ownwell