Embudo, New Mexico Property Taxes
The median property tax rate in Embudo, 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 Embudo at $49,663, the typical annual property tax bill is $472, significantly below the national median of $2,690. Property taxes in Embudo are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Embudo'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 Embudo 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
Embudo, 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 Embudo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Embudo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Embudo 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 Embudo, New Mexico
Property taxes in Embudo, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Embudo is 0.79%, which is notably lower than the U.S. national median of 0.99%. Local government entities within Embudo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Embudo 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 Embudo's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87531 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 Embudo 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 Embudo 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 Embudo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87531 | 0.59% | 0.75% | 0.79% | 0.80% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Embudo, New Mexico
In Embudo, 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 Embudo, 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. The median home price in Embudo is $49,663, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $206, while the 75th percentile tax bill reaches $1,064, and the 90th percentile tax bill is $1,406. The highest and lowest median tax bills in Embudo both stand at $472 in the 87531 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Embudo Assessed Value
$49,663
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 Embudo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87531 | $6,919 | $14,404 | $49,663 | $120,011 | $171,881 |
Source: Ownwell
Property Tax Bills Across Embudo, New Mexico
In Embudo, located in Rio Arriba County, NM, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and is a percentage of the property's market value. For example, with a median home price of $49,663, the assessed value is used to calculate the tax bill. The local tax rate is then applied to this assessed value to determine the final tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions. Homeowners in Embudo experience varying tax bills, with the 25th percentile paying around $206, while those at the 75th percentile pay approximately $1,064. The tax bill for the 90th percentile can reach up to $1,406, reflecting higher-valued properties. These property taxes directly impact homeowners by contributing to local services such as schools, emergency services, and infrastructure. Comparatively, the local tax rate can be contrasted with the national median property tax rate of 0.99%, providing a benchmark for understanding local tax burdens.
Average Embudo Tax Bill
$472
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 Embudo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87531 | $65 | $206 | $472 | $1,064 | $1,406 |
Source: Ownwell