Conchas Dam, New Mexico Property Taxes
The median property tax rate in Conchas Dam, NM is 0.74%, 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 of $37,328 in Conchas Dam, the typical annual property tax bill amounts to $401, well below the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Conchas Dam'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 Conchas Dam or another part of San Miguel County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Conchas Dam, 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 Conchas Dam Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Conchas Dam with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Conchas Dam 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 Conchas Dam, New Mexico
Property taxes in Conchas Dam, 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 Conchas Dam is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Conchas Dam set these rates annually, and they can vary significantly across different neighborhoods. Each year, Conchas Dam 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 Conchas Dam's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 88416 has the highest median property tax rate of 0.74%, while the lowest median tax rate is also 0.74%. Understanding how these cities compare with Conchas Dam provides valuable insights into the varying tax landscape across San Miguel County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Conchas Dam Tax Rate
0.74%
Average San Miguel County Tax Rate
0.78%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Conchas Dam, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88416 | 0.74% | 0.74% | 0.74% | 0.74% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Conchas Dam, New Mexico
In Conchas Dam, 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 San Miguel 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 Conchas Dam, 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. Being aware of these valuation processes in Conchas Dam helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Conchas Dam is $37,328, with tax bills ranging from $203 at the 25th percentile to $1,215 at the 90th percentile. The highest and lowest median tax bills are both $401, found in the 88416 zip code.
Average Conchas Dam Assessed Value
$37,328
Average San Miguel County Assessed Value
$75,272
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Conchas Dam, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88416 | $5,738 | $14,699 | $37,328 | $80,670 | $148,194 |
Source: Ownwell
Property Tax Bills Across Conchas Dam, New Mexico
In Conchas Dam, located in San Miguel County, NM, property tax bills are calculated based on the assessed value of your home, which is determined by the county assessor. The median home price in this area is $37,328. The property tax rate in Conchas Dam is applied to this assessed value to determine the annual tax bill. Homeowners can expect a tax bill ranging from the 25th percentile at $203 to the 75th percentile at $771, with the 90th percentile reaching up to $1,215. The highest and lowest median tax bills in the region are both $401, indicating a relatively consistent tax rate across the area. Compared to the national median property tax rate of 0.99%, Conchas Dam offers a more affordable option for homeowners. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life in the community. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Conchas Dam Tax Bill
$401
Average San Miguel County Tax Bill
$856
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Conchas Dam, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88416 | $119 | $203 | $401 | $771 | $1,215 |
Source: Ownwell