Placitas, New Mexico Property Taxes
The median property tax rate in Placitas, 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 the median home value in Placitas at $380,574, the typical annual property tax bill reaches $2,811, slightly above the national median of $2,690. Property taxes in Placitas are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Placitas'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 Placitas 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
Placitas, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$2,816
Ownwell’s Placitas Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Placitas with just two simple inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Placitas to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities and plan your finances better. For those interested in more granular details, additional localized information is available below. Your property’s assessed value, determined by Sandoval County, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Placitas, New Mexico
Property taxes in Placitas, 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 Placitas is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Placitas set these rates annually, and they can vary significantly across different neighborhoods. Each year, Placitas 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 Placitas's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 87043 has both the highest and lowest median property tax rate of 0.74%. Understanding how these cities compare with Placitas 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 Placitas Tax Rate
0.74%
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 Placitas, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87043 | 0.71% | 0.73% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Placitas, New Mexico
In Placitas, 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 Assessor's Office 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 Placitas, 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. The median home price in Placitas is $380,574, with tax bills ranging from $2,043 at the 25th percentile to $4,616 at the 90th percentile. The highest and lowest median tax bills are both $2,811 in the 87043 zip code. 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 Placitas helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Placitas Assessed Value
$380,574
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 Placitas, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87043 | $119,747 | $274,503 | $380,574 | $502,800 | $617,692 |
Source: Ownwell
Property Tax Bills Across Placitas, New Mexico
In Placitas, Sandoval County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Placitas, the median home price is $380,574, which gives a general idea of property values in the area. Factors influencing the tax bill include the home's assessed value, local tax rates, and any applicable exemptions or deductions. For example, tax bills in the 25th percentile are around $2,043, while those in the 75th percentile can reach up to $3,722. The 90th percentile sees tax bills as high as $4,616. These property taxes significantly impact homeowners, as they represent a substantial annual expense. Compared to the national median property tax rate of 0.99%, Placitas homeowners may find their tax rates competitive, but the actual tax amounts can vary widely based on individual property values and specific local rates.
Average Placitas Tax Bill
$2,811
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 Placitas, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87043 | $893 | $2,043 | $2,811 | $3,722 | $4,616 |
Source: Ownwell