Pecos, New Mexico Property Taxes
The median property tax rate in Pecos, NM is 0.42%, significantly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Pecos at $129,188, the typical annual property tax bill amounts to $644, well below the national median of $2,690. Property taxes in Pecos are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Pecos's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Pecos 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
Pecos, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.42%
Estimate Property Tax Bill
$543
Ownwell’s Pecos Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pecos with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pecos 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 Pecos, New Mexico
Property taxes in Pecos, 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 Pecos is 0.42%, significantly lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Pecos set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pecos 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 Pecos's effective property tax rate to other areas in New Mexico and the national median. For comparison, the zip code 87552 has the highest median property tax rate of 0.42%, while the same zip code also has the lowest median tax rate of 0.42%. Understanding how these areas compare with Pecos 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 Pecos Tax Rate
0.42%
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 Pecos, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87552 | 0.40% | 0.42% | 0.42% | 0.44% | 0.46% |
Source: Ownwell
Property Tax Assessment Values Across Pecos, New Mexico
In Pecos, 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 Pecos, 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 instance, the median home price in Pecos is $129,188, with tax bills ranging from $377 at the 25th percentile to $1,430 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Pecos Assessed Value
$129,188
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 Pecos, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87552 | $16,661 | $62,990 | $129,258 | $214,634 | $308,188 |
Source: Ownwell
Property Tax Bills Across Pecos, New Mexico
In Pecos, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the San Miguel County Assessor's Office. The assessed value is a percentage of the property's market value, and this value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Pecos is $129,188, and homeowners can expect a range of tax bills depending on their property's assessed value and specific circumstances. For instance, tax bills at the 25th percentile are approximately $377, while those at the 75th percentile reach around $1,001, and at the 90th percentile, they can go up to $1,430. These figures highlight the variability in property tax bills within the area. The highest and lowest median tax bills in Pecos both stand at $644, indicating a level of consistency in some neighborhoods. Compared to the national median property tax rate of 0.99%, Pecos offers a relatively manageable tax environment for homeowners, providing a sense of financial predictability and stability.
Average Pecos Tax Bill
$644
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 Pecos, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87552 | $218 | $377 | $644 | $1,001 | $1,430 |
Source: Ownwell