Santa Teresa, New Mexico Property Taxes
The median property tax rate in Santa Teresa, NM is 1.29%, 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 Santa Teresa at $207,601, the typical annual property tax bill reaches $2,554, slightly below the national median of $2,690. Property taxes in Santa Teresa 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 Santa Teresa'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 Santa Teresa 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
Santa Teresa, 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 Santa Teresa Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Santa Teresa using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Santa Teresa 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 Santa Teresa, New Mexico
Property taxes in Santa Teresa, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Santa Teresa is 1.29%, significantly higher than the U.S. national median of 0.99%. Local government entities within Santa Teresa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Santa Teresa 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 Santa Teresa's effective property tax rate to other areas in Doña Ana County and the national median. For comparison, the zip code 88008 within Santa Teresa has the highest median property tax rate of 1.29%, the same as the lowest median tax rate in the area. Understanding how these rates compare with Santa Teresa provides valuable insights into the varying tax landscape across Doña Ana County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Santa Teresa Tax Rate
1.29%
Average Doaana County Tax Rate
1.02%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Santa Teresa, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88008 | 0.99% | 1.02% | 1.29% | 1.33% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Santa Teresa, New Mexico
In Santa Teresa, 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 Doña Ana County Assessor's Office 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 Santa Teresa, 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 Santa Teresa 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 88008, both at $2554.
Average Santa Teresa Assessed Value
$207,601
Average Doaana County Assessed Value
$120,428
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Santa Teresa, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88008 | $136,844 | $170,634 | $207,601 | $248,169 | $298,298 |
Source: Ownwell
Property Tax Bills Across Santa Teresa, New Mexico
In Santa Teresa, located in Doña Ana County, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor’s office. The assessed value is a percentage of the market value of the property. Homeowners in Santa Teresa can expect their property tax bills to be influenced by several factors, including the home's location, size, and any improvements made to the property. The tax rate in Santa Teresa is applied to the assessed value to determine the annual tax bill. For instance, the median home price is $207,601, and property tax bills vary widely. At the 25th percentile, homeowners might see a tax bill of $1,903, while at the 75th percentile, it can rise to $3,106. The highest median tax bill recorded in the area is $2,554. Compared to the national median property tax rate of 0.99%, Santa Teresa's property taxes can be a significant expense for homeowners, impacting their overall cost of living and financial planning.
Average Santa Teresa Tax Bill
$2,554
Average Doaana County Tax Bill
$1,201
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Santa Teresa, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88008 | $1,386 | $1,903 | $2,554 | $3,106 | $4,271 |
Source: Ownwell