Denver, New Mexico Property Taxes
The median property tax rate in Denver, 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 the median home value in Denver, the typical annual property tax bill reaches $58, significantly below the national median of $2,690. Property taxes in Denver are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Denver'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 Denver 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
Denver, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$58
Ownwell’s Denver Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Denver with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Denver to project your property tax bill. This valuable tool helps you grasp potential tax liabilities effectively. For those interested in more granular insights, trends at the neighborhood level are also available below. Your property’s assessed value, determined by the county, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Denver, New Mexico
Property taxes in Denver, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Denver is 0.72%, which is lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Denver set these rates annually, and they can vary significantly across different neighborhoods. Each year, Denver 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 Denver's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 80204 zip code has the highest median property tax rate of 0.72%, while the same 80204 zip code also has the lowest median tax rate of 0.72%. Understanding how these cities compare with Denver provides valuable insights into the varying tax landscape across Santa Fe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Denver Tax Rate
0.72%
Average Santa Fe County Tax Rate
0.55%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Denver, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80204 | 0.72% | 0.72% | 0.72% | 0.72% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Denver, New Mexico
In Denver, 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 Santa Fe 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. 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 Denver helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median home price in Denver is $8,013, with tax bills ranging from $58 at the 25th percentile to $58 at the 90th percentile.
Average Denver Assessed Value
$8,013
Average Santa Fe County Assessed Value
$365,234
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Denver, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80204 | $8,013 | $8,013 | $8,013 | $8,013 | $8,013 |
Source: Ownwell
Property Tax Bills Across Denver, New Mexico
In Denver, Santa Fe 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, reflecting the property's worth in the current real estate market. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Several factors influence the assessed value, including the property's location, size, age, and condition. Homeowners in Denver can expect their property tax bills to vary within a range, with the 25th, 75th, and 90th percentiles all seeing a tax bill of $58. This is significantly lower than the national median property tax rate of 0.99%, indicating that property taxes in this region are relatively affordable. For homeowners, understanding how these factors come into play is crucial for financial planning. Lower property taxes can make homeownership more accessible and less burdensome, contributing positively to the overall cost of living in Denver.
Average Denver Tax Bill
$58
Average Santa Fe County Tax Bill
$1,886
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Denver, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80204 | $58 | $58 | $58 | $58 | $58 |
Source: Ownwell