Yatahey, New Mexico Property Taxes
The median property tax rate in Yatahey, NM is 0.95%, 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 $42,470 in Yatahey, the typical annual property tax bill amounts to $366, which is significantly lower than the national median of $2,690. Property taxes in Yatahey are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Yatahey'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 Yatahey or another part of McKinley County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Yatahey, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$403
Ownwell’s Yatahey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Yatahey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Yatahey 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 Yatahey, New Mexico
Property taxes in Yatahey, 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 Yatahey is 0.95%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Yatahey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Yatahey 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 Yatahey's effective property tax rate to other areas in McKinley County and the national median. For comparison, the zip code 87375 has both the highest and lowest median property tax rate of 0.95%. Understanding how these cities compare with Yatahey provides valuable insights into the varying tax landscape across McKinley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Yatahey Tax Rate
0.95%
Average Mckinley County Tax Rate
1.20%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Yatahey, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87375 | 0.41% | 0.75% | 0.95% | 0.98% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Yatahey, New Mexico
In Yatahey, 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 McKinley 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 Yatahey, 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. For instance, the median home price in Yatahey is $42,470, with tax bills ranging from $86 at the 25th percentile to $1,228 at the 90th percentile. The zip code 87375 has the highest and lowest median tax bill of $366. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. This awareness helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Yatahey Assessed Value
$42,470
Average Mckinley County Assessed Value
$79,030
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Yatahey, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87375 | $7,809 | $13,875 | $42,470 | $79,702 | $133,514 |
Source: Ownwell
Property Tax Bills Across Yatahey, New Mexico
In Yatahey, located in McKinley County, NM, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The median home price in this area is $42,470. Property taxes are then determined by applying the local tax rate to this assessed value. For homeowners, this means that their annual tax bill can vary significantly. For instance, the 25th percentile tax bill is $86, while the 75th percentile tax bill rises to $712, and the 90th percentile tax bill reaches $1,228. These figures suggest that while some homeowners pay relatively low property taxes, others may face higher bills depending on their property's assessed value and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Yatahey's property tax bills can be quite varied, influencing the overall affordability and financial planning for homeowners in the region.
Average Yatahey Tax Bill
$366
Average Mckinley County Tax Bill
$899
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Yatahey, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87375 | $44 | $86 | $366 | $712 | $1,228 |
Source: Ownwell