Hernandez, New Mexico Property Taxes
The median property tax rate in Hernandez, 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 a median home value in Hernandez of $33,286, the typical annual property tax bill comes to $286, significantly below the national median of $2,690. Property taxes in Hernandez 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 Hernandez'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 Hernandez 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
Hernandez, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$263
Ownwell’s Hernandez Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers in Hernandez. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Hernandez to estimate your annual property tax bill. This valuable tool provides a clear understanding of your potential tax liabilities. For those interested in more detailed insights, you can explore trends at the neighborhood level by scrolling down. Your property’s assessed value is determined by Rio Arriba County and includes any applicable exemptions, ensuring an accurate calculation for your property tax obligations.
Property Tax Rates Across Hernandez, New Mexico
Property taxes in Hernandez, New Mexico, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hernandez is 0.79%, lower than the U.S. national median of 0.99%. Local government entities within Hernandez set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hernandez 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 Hernandez's effective property tax rate to other areas in New Mexico and the national median. For comparison, the zip code 87537 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 Hernandez 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 Hernandez 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 Hernandez, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87537 | 0.50% | 0.75% | 0.79% | 0.79% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Hernandez, New Mexico
In Hernandez, 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 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 Hernandez, 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 Hernandez is $33,286, with tax bills ranging from $91 at the 25th percentile to $1,063 at the 90th percentile. The zip code 87537 has both the highest and lowest median tax bill of $286. 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 Hernandez helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hernandez Assessed Value
$33,286
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 Hernandez, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87537 | $4,810 | $9,016 | $33,286 | $64,998 | $127,367 |
Source: Ownwell
Property Tax Bills Across Hernandez, New Mexico
In Hernandez, property tax bills are calculated based on the assessed value of a property, which is determined by the Rio Arriba County assessor's office. The assessed value typically reflects a percentage of the property's market value. Hernandez has a median home price of $33,286, and property tax rates are applied to this assessed value to determine the annual tax bill. Factors such as property improvements, changes in market conditions, and local tax rates all influence the assessed value. Homeowners in Hernandez can expect their tax bills to vary significantly. The 25th percentile tax bill is $91, while the 75th percentile tax bill is $569, and the 90th percentile tax bill reaches $1,063. The highest and lowest median tax bills in the area both stand at $286, indicating some consistency in taxation within the same zip code, 87537. Compared to the national median property tax rate of 0.99%, Hernandez residents experience a relatively modest tax burden, impacting their overall housing costs and affordability.
Average Hernandez Tax Bill
$286
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 Hernandez, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87537 | $42 | $91 | $286 | $569 | $1,063 |
Source: Ownwell