Farmington, New Mexico Property Taxes
The median property tax rate in Farmington, NM is 0.81%, 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 Farmington, the typical annual property tax bill is $970, significantly below the national median of $2,690. Property taxes in Farmington are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Farmington'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 Farmington 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
Farmington, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$969
Ownwell’s Farmington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farmington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farmington 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 Farmington, New Mexico
Property taxes in Farmington, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farmington is 0.81%, which is lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Farmington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farmington 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 Farmington's effective property tax rate to other areas in New Mexico and the national median. For comparison, the 87402 zip code has the highest median property tax rate of 0.83%, while the 87401 zip code has the lowest median tax rate of 0.80%. Understanding how these areas compare with Farmington provides valuable insights into the varying tax landscape across San Juan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farmington Tax Rate
0.81%
Average San Juan County Tax Rate
0.83%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farmington, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87401 | 0.73% | 0.77% | 0.80% | 0.83% | 0.83% |
| 87402 | 0.78% | 0.80% | 0.83% | 0.83% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Farmington, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Farmington, New Mexico. 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 San Juan 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 in Farmington 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, the highest median tax bill in Farmington is $1,470 in zip code 87402, while the lowest median tax bill is $810 in zip code 87401. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Farmington Assessed Value
$119,664
Average San Juan County Assessed Value
$93,508
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farmington, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87401 | $5,773 | $26,708 | $101,843 | $174,772 | $253,126 |
| 87402 | $32,453 | $112,433 | $178,603 | $277,022 | $382,392 |
Source: Ownwell
Property Tax Bills Across Farmington, New Mexico
In Farmington, NM, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The assessed value is a percentage of the market value, which is then multiplied by the tax rate set by San Juan County. Homeowners in Farmington face varying tax bills depending on their property's assessed value and location within the city. For instance, the median home price in Farmington is $119,664, leading to an average tax bill. The tax bill can vary significantly, with the 25th percentile at $238 and the 75th percentile at $1,603. The highest median tax bill in the city is $1,470 in the 87402 zip code, while the lowest is $810 in the 87401 zip code. This variability affects homeowners differently, as those in higher-value homes or areas with higher tax rates will pay more. Compared to the national median property tax rate of 0.99%, Farmington's rates offer a snapshot of regional taxation trends, impacting local homeowners' annual expenses.
Average Farmington Tax Bill
$970
Average San Juan County Tax Bill
$761
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Farmington, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87401 | $34 | $190 | $810 | $1,438 | $2,073 |
| 87402 | $222 | $917 | $1,470 | $2,303 | $3,182 |
Source: Ownwell