Abiquiu, New Mexico Property Taxes
The median property tax rate in Abiquiu, NM is 0.79%, 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 Abiquiu at $42,296, the typical annual property tax bill is $341, significantly less than the national median of $2,690. Property taxes in Abiquiu are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Abiquiu'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 Abiquiu or another part of Rio Arriba County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Abiquiu, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$334
Ownwell’s Abiquiu Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Abiquiu with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Abiquiu 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 Abiquiu, New Mexico
Property taxes in Abiquiu, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Abiquiu is 0.79%, lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Abiquiu set these rates annually, and they can vary significantly across different neighborhoods. Each year, Abiquiu 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 Abiquiu's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87510 zip code has the highest median property tax rate of 0.79%, while the same zip code also has the lowest median tax rate of 0.79%. Understanding how these cities compare with Abiquiu provides valuable insights into the varying tax landscape across Rio Arriba County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Abiquiu Tax Rate
0.79%
Average Rio Arriba County Tax Rate
0.79%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Abiquiu, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87510 | 0.58% | 0.77% | 0.79% | 0.80% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Abiquiu, New Mexico
In Abiquiu, 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 Rio Arriba 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 Abiquiu, 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. With median home prices at $42,296, the area sees tax bills ranging from $106 at the 25th percentile to $1,531 at the 90th percentile. The highest median tax bill is $341 in the 87510 zip code, which also has the lowest median tax bill. Being aware of these valuation processes in Abiquiu helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Abiquiu Assessed Value
$42,296
Average Rio Arriba County Assessed Value
$17,854
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Abiquiu, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87510 | $6,848 | $13,396 | $42,296 | $101,964 | $195,026 |
Source: Ownwell
Property Tax Bills Across Abiquiu, New Mexico
In Abiquiu, located in Rio Arriba County, NM, property tax bills are calculated based on the assessed value of a home, which is derived from the market value. The median home price in Abiquiu is $42,296, and the property tax rate is applied to this assessed value to determine the tax bill. Factors considered in the calculation include the property's assessed value, any applicable exemptions, and the local tax rate. Homeowners in Abiquiu experience a range of property tax bills. For example, those in the 25th percentile pay around $106 annually, while those in the 75th percentile see bills of about $863. At the 90th percentile, the tax bill can reach up to $1,531. The highest and lowest median tax bills in Abiquiu are both $341, indicating some consistency in tax burdens across the area. Compared to the national median property tax rate of 0.99%, Abiquiu's tax rates offer a relatively affordable option for homeowners, impacting their overall cost of living favorably.
Average Abiquiu Tax Bill
$341
Average Rio Arriba County Tax Bill
$215
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Abiquiu, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87510 | $60 | $106 | $341 | $863 | $1,531 |
Source: Ownwell