Corona, New Mexico Property Taxes
The median property tax rate in Corona, NM is 0.72%, which is notably lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With a median home value in Corona of $53,882, the typical annual property tax bill is $606, significantly below the national median of $2,690. Property taxes in Corona are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Corona'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 Corona or another part of Lincoln County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Corona, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$388
Ownwell’s Corona Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Corona with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Corona to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. If you're curious about trends at a neighborhood level, scroll down for more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Corona, New Mexico
Property taxes in Corona, New Mexico, are crucial for funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Corona is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Corona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Corona 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 Corona's effective property tax rate to other areas in New Mexico and the national median. For comparison, the zip code 88318 has both the highest and lowest median property tax rate of 0.72%. Understanding how these areas compare with Corona provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Corona Tax Rate
0.72%
Average Lincoln County Tax Rate
0.99%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Corona, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88318 | 0.58% | 0.61% | 0.72% | 1.14% | 2.37% |
Source: Ownwell
Property Tax Assessment Values Across Corona, New Mexico
In Corona, 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 Lincoln 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 Corona, 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 Corona 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 $606.00, found in the 88318 zip code.
Average Corona Assessed Value
$53,882
Average Lincoln County Assessed Value
$90,750
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Corona, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88318 | $5,825 | $37,988 | $53,882 | $89,263 | $272,661 |
Source: Ownwell
Property Tax Bills Across Corona, New Mexico
In Corona, New Mexico, property tax bills are calculated based on the assessed value of a property, which is determined by the local county assessor. This assessed value is a percentage of the market value of the property. The property tax rate in Corona is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions or deductions. For instance, the median home price in Corona is $53,882. Homeowners in the 25th percentile can expect a tax bill around $196, while those in the 75th percentile face bills closer to $2,029. The highest median tax bill in the area is $606, found in the 88318 zip code. These property taxes fund essential local services such as schools, roads, and emergency services. For homeowners, understanding how these calculations work can provide better financial planning and ensure they take advantage of any possible exemptions to lower their tax burden.
Average Corona Tax Bill
$606
Average Lincoln County Tax Bill
$1,235
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Corona, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88318 | $38 | $196 | $606 | $2,029 | $2,543 |
Source: Ownwell