Regina, New Mexico Property Taxes
The median property tax rate in Regina, New Mexico is 0.58%, considerably lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Regina, the typical annual property tax bill reaches $29, far below the national median of $2,690. Property taxes in Regina are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Regina'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 Regina or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Regina, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$29
Ownwell’s Regina Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Regina with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Regina 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 Regina, New Mexico
Property taxes in Regina, 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 Regina is 0.58%, which is below the U.S. national median of 0.99%. Local government entities within Regina set these rates annually, and they can vary significantly across different neighborhoods. Each year, Regina 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 Regina's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 87046 has the highest median property tax rate of 0.58%, while the same zip code also has the lowest median tax rate of 0.58%. Understanding how these cities compare with Regina 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 Regina Tax Rate
0.58%
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 Regina, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87046 | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Regina, New Mexico
In Regina, 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 Regina, 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. For example, zip codes with the highest tax bills can reach up to $33, while those with the lowest can be around $23. Being aware of these valuation processes in Regina helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Regina Assessed Value
$5,002
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 Regina, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87046 | $3,338 | $3,962 | $5,002 | $5,425 | $5,679 |
Source: Ownwell
Property Tax Bills Across Regina, New Mexico
Property tax bills in Regina, located in Rio Arriba County, NM, are calculated based on the assessed value of a property, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Regina, the median home price is relatively low at $5,002. The tax bill varies across different percentiles, with the 25th percentile paying around $23, the 75th percentile paying about $31, and the 90th percentile paying up to $33. These figures are significantly lower than the national median property tax rate of 0.99%. Factors such as property improvements, market conditions, and local government budgets can influence the assessed value and, consequently, the tax bill. For homeowners, understanding these factors is crucial as they directly impact the affordability and financial planning associated with property ownership. Lower property taxes can make homeownership more accessible but may also reflect lower property values and potentially fewer public services.
Average Regina Tax Bill
$29
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 Regina, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87046 | $19 | $23 | $29 | $31 | $33 |
Source: Ownwell