Garita, New Mexico Property Taxes
The median property tax rate in Garita, NM is 0.78%, 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 Garita at $46,535, the typical annual property tax bill is $288, significantly below the national median of $2,690. Property taxes in Garita are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Garita'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 Garita 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
Garita, 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 Garita Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Garita with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Garita 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 Garita, New Mexico
Property taxes in Garita, 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 Garita is 0.78%, which is lower than the U.S. national median of 0.99%. Local government entities within Garita set these rates annually, and they can vary significantly across different neighborhoods. Each year, Garita 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 Garita's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 88421 has both the highest and lowest median property tax rate of 0.78%. Understanding how these cities compare with Garita 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 Garita Tax Rate
0.78%
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 Garita, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88421 | 0.77% | 0.78% | 0.78% | 0.81% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Garita, New Mexico
In Garita, 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 Garita, 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 Garita helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $288, found in the 88421 zip code.
Average Garita Assessed Value
$46,535
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 Garita, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88421 | $22,964 | $26,976 | $46,535 | $63,429 | $66,257 |
Source: Ownwell
Property Tax Bills Across Garita, New Mexico
In Garita, located in San Miguel County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Homeowners in Garita can expect their tax bills to fall within a range, with the 25th percentile at $211 and the 75th percentile at $468. The highest median tax bill in the area is $288, which is relatively low compared to the national median property tax rate of 0.99%. Several factors influence the tax bill, including the property's market value, assessment ratio, and local tax rates. These elements combined determine the final amount homeowners must pay. The impact on homeowners can vary; for some, lower tax bills provide financial relief, while for others, the tax burden might still be significant relative to their income. Understanding how these factors interplay helps residents anticipate their financial responsibilities and plan accordingly.
Average Garita Tax Bill
$288
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 Garita, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88421 | $175 | $211 | $288 | $468 | $657 |
Source: Ownwell