Ojo Feliz, New Mexico Property Taxes
The median property tax rate in Ojo Feliz, NM is 0.48%, significantly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Ojo Feliz, the typical annual property tax bill reaches $482, which is well below the national median of $2,690. Property taxes in Ojo Feliz are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Ojo Feliz'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 Ojo Feliz or another part of Mora County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ojo Feliz, 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 Ojo Feliz Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Ojo Feliz. By simply entering your property's estimated assessed value, the calculator leverages the median tax rate in Ojo Feliz to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of potential tax liabilities, making financial planning easier. For those interested in more detailed insights, neighborhood-level trends are available further down the page. Your property’s assessed value, determined by the county, is used for these calculations and may include applicable exemptions.
Property Tax Rates Across Ojo Feliz, New Mexico
Property taxes in Ojo Feliz, 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 Ojo Feliz is 0.48%, which is lower than the U.S. national median of 0.99%. Local government entities within Ojo Feliz set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ojo Feliz 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 Ojo Feliz's effective property tax rate to other areas within Mora County and the national median. For comparison, the zip code 87735 has the highest median property tax rate of 0.48%, while the same zip code also has the lowest median tax rate of 0.48%. Understanding how these figures compare with Ojo Feliz provides valuable insights into the varying tax landscape across Mora County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ojo Feliz Tax Rate
0.48%
Average Mora County Tax Rate
0.58%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ojo Feliz, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87735 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Ojo Feliz, New Mexico
In Ojo Feliz, 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 Mora 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. 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 Ojo Feliz 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 $482, found in the 87735 zip code.
Average Ojo Feliz Assessed Value
$99,972
Average Mora County Assessed Value
$61,740
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ojo Feliz, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87735 | $99,972 | $99,972 | $99,972 | $99,972 | $99,972 |
Source: Ownwell
Property Tax Bills Across Ojo Feliz, New Mexico
In Ojo Feliz, located in Mora County, NM, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor's office, which evaluates the property's market value. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Ojo Feliz, the median home price is $99,972, and the median property tax rate aligns with the national median of 0.99%. Consequently, homeowners can expect a median annual tax bill of approximately $482. This tax bill is consistent across the 25th, 75th, and 90th percentiles, indicating a uniform application of property tax rates in the area. The property tax bill directly impacts homeowners by contributing to local services such as schools, public safety, and infrastructure. Understanding how these taxes are calculated can help homeowners budget more effectively and anticipate annual expenses.
Average Ojo Feliz Tax Bill
$482
Average Mora County Tax Bill
$365
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Ojo Feliz, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87735 | $482 | $482 | $482 | $482 | $482 |
Source: Ownwell