Rowe, New Mexico Property Taxes
The median property tax rate in Rowe, NM is 0.43%, 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 Rowe at $174,908, the typical annual property tax bill amounts to $779, well below the national median of $2,690. Property taxes in Rowe are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Rowe'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 Rowe or another part of San Miguel County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Rowe, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.43%
Estimate Property Tax Bill
$752
Ownwell’s ROWE Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in ROWE with just two simple inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in ROWE to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities, giving you a clearer financial picture. For those interested in more detailed trends at the neighborhood level, scroll down to uncover localized insights. Your property’s assessed value is determined by the county for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Rowe, New Mexico
Property taxes in Rowe, 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 Rowe is 0.43%, significantly lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Rowe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rowe 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 Rowe's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87562 zip code has the highest median property tax rate of 0.43%, while the same zip code also has the lowest median tax rate of 0.43%. Understanding how these cities compare with Rowe 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 Rowe Tax Rate
0.43%
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 Rowe, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87562 | 0.40% | 0.42% | 0.43% | 0.45% | 0.49% |
Source: Ownwell
Property Tax Assessment Values Across Rowe, New Mexico
In Rowe, 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 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. In Rowe, 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 Rowe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Rowe is $174,908, with the 25th percentile tax bill at $493 and the 75th percentile tax bill at $1,106. The highest and lowest median tax bill in Rowe is $779, both in zip code 87562.
Average Rowe Assessed Value
$174,908
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 Rowe, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87562 | $37,738 | $81,413 | $174,908 | $246,737 | $292,589 |
Source: Ownwell
Property Tax Bills Across Rowe, New Mexico
In Rowe, 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 property's market value. Homeowners in Rowe can expect a median property tax bill of around $779, which aligns with the county's average. This tax bill can vary significantly, with the 25th percentile paying approximately $493 and the 75th percentile paying about $1106. For those in the 90th percentile, tax bills can reach up to $1405. Factors that influence these tax bills include the property's location, size, and any improvements made. Additionally, local tax rates and exemptions play a role in determining the final amount. Compared to the national median property tax rate of 0.99%, Rowe's property tax rate provides a relatively affordable option for homeowners, potentially easing the financial burden associated with homeownership. Understanding these factors is crucial for homeowners aiming to manage their property tax liabilities effectively.
Average Rowe Tax Bill
$779
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 Rowe, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87562 | $177 | $493 | $779 | $1,106 | $1,405 |
Source: Ownwell