Budaghers, New Mexico Property Taxes
The median property tax rate in Budaghers, NM is 0.72%, 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 $244,448 in Budaghers, the typical annual property tax bill is $1,756, significantly below the national median of $2,690. Property taxes in Budaghers are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Budaghers' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Budaghers or another part of Sandoval County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Budaghers, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$1,760
Ownwell’s Budaghers Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Budaghers with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Budaghers 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 Budaghers, New Mexico
Property taxes in Budaghers, New Mexico, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Budaghers is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Budaghers set these rates annually, and they can vary significantly across different neighborhoods. Each year, Budaghers 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 Budaghers' effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87001 zip code has the highest median property tax rate of 0.72%, while it also has the lowest median tax rate of 0.72%. Understanding how these cities compare with Budaghers provides valuable insights into the varying tax landscape across Sandoval County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Budaghers Tax Rate
0.72%
Average Sandoval County Tax Rate
1.19%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Budaghers, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87001 | 0.71% | 0.72% | 0.72% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Budaghers, New Mexico
In Budaghers, 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 Sandoval 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 Budaghers, 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 Budaghers helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Residents in the 87001 zip code experience a median tax bill of $1,756, which is the highest and lowest in the area.
Average Budaghers Assessed Value
$244,448
Average Sandoval County Assessed Value
$190,579
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Budaghers, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87001 | $131,148 | $176,514 | $244,448 | $345,382 | $450,146 |
Source: Ownwell
Property Tax Bills Across Budaghers, New Mexico
In Budaghers, located in Sandoval County, NM, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the county assessor and is typically a percentage of the property's market value. Several factors influence the tax bill, including the property's location, size, and any improvements made. For instance, the median home price in Budaghers is $244,448, and the property tax rate in Sandoval County is applied to this assessed value. Homeowners in Budaghers can expect to see varying tax bills. At the 25th percentile, the tax bill is around $1,292, while at the 75th percentile, it rises to approximately $2,465. Those at the 90th percentile may see tax bills as high as $3,242. These property taxes fund essential services such as schools, infrastructure, and public safety, impacting the overall quality of life for residents. Comparatively, the median property tax rate in Budaghers is competitive with the national median rate of 0.99%, offering a balanced financial environment for homeowners.
Average Budaghers Tax Bill
$1,756
Average Sandoval County Tax Bill
$2,213
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Budaghers, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87001 | $955 | $1,292 | $1,756 | $2,465 | $3,242 |
Source: Ownwell