Galisteo, New Mexico Property Taxes
The median property tax rate in Galisteo, New Mexico is 0.54%, considerably lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Galisteo at $616,146, the typical annual property tax bill reaches $3,197, which exceeds the national median of $2,690. Property taxes in Galisteo 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 Galisteo'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 Galisteo 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
Galisteo, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.54%
Estimate Property Tax Bill
$3,327
Ownwell’s Galisteo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Galisteo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Galisteo 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 Galisteo, New Mexico
Property taxes in Galisteo, New Mexico, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Galisteo is 0.54%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Galisteo set these rates annually, and they can vary across different neighborhoods. Each year, Galisteo 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 Galisteo's effective property tax rate to other regions in Santa Fe County and the national median. For comparison, the 87540 zip code has the highest median property tax rate of 0.54%, while the lowest median tax rate is also 0.54%. Understanding how these areas compare with Galisteo 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 Galisteo Tax Rate
0.54%
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 Galisteo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87540 | 0.25% | 0.40% | 0.54% | 0.56% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Galisteo, New Mexico
In Galisteo, New Mexico, understanding the distinction between "market value" and "assessed value" is essential for grasping property taxes. The market value represents the price a willing buyer would pay a willing seller in an open market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Santa Fe County Assessor for tax purposes. Conversely, 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 Galisteo, 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 these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Awareness of these valuation processes in Galisteo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area, both at $3,197, are found in the 87540 zip code.
Average Galisteo Assessed Value
$616,146
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 Galisteo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87540 | $366,497 | $398,570 | $616,146 | $890,884 | $1,188,738 |
Source: Ownwell
Property Tax Bills Across Galisteo, New Mexico
In Galisteo, property tax bills are calculated based on the assessed value of a home, which is determined by the Santa Fe County Assessor's Office. The assessed value is a percentage of the market value of the property. Homeowners in Galisteo face property tax bills that vary significantly. For example, the tax bill at the 25th percentile is $2,051, while at the 75th percentile, it rises to $4,518. For those in the 90th percentile, the tax bill can be as high as $5,937. These tax bills are influenced by several factors, including the property's location, size, and improvements. The median home price in Galisteo is $616,146, which plays a crucial role in determining the tax bill. Compared to the national median property tax rate of 0.99%, homeowners in Galisteo may find their tax bills to be relatively higher or lower depending on their property's assessed value. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Galisteo Tax Bill
$3,197
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 Galisteo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87540 | $988 | $2,051 | $3,197 | $4,518 | $5,937 |
Source: Ownwell