Irving, New Mexico Property Taxes
The median property tax rate in Irving, NM is 0.78%, 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 Irving, the typical annual property tax bill is $79, significantly below the national median of $2,690. Property taxes in Irving 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 Irving'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 Irving 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
Irving, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$79
Ownwell’s Irving Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Irving with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Irving 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 Irving, New Mexico
Property taxes in Irving, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Irving is 0.78%, lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Irving set these rates annually, and they can vary significantly across different neighborhoods. Each year, Irving 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 Irving's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 75016 zip code has both the highest and lowest median property tax rate of 0.78%. Understanding how these cities compare with Irving 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 Irving Tax Rate
0.78%
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 Irving, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75016 | 0.78% | 0.78% | 0.78% | 0.78% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Irving, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Irving, New Mexico. 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. In Irving, 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 Irving is $10,096, with tax bills ranging from $79 at the 25th percentile to $79 at the 90th percentile. 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 Irving helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Irving Assessed Value
$10,096
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 Irving, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75016 | $10,096 | $10,096 | $10,096 | $10,096 | $10,096 |
Source: Ownwell
Property Tax Bills Across Irving, New Mexico
In Irving, Santa Fe County, NM, property tax bills are calculated based on the assessed value of your property. The assessed value is determined by the local assessor's office and is a percentage of the market value of your home. For instance, if the median home price in Irving is $10,096, the assessed value might be a fraction of this amount, depending on local assessment rates. Once the assessed value is established, the property tax rate, also known as the mill rate, is applied. This rate is a percentage of the assessed value. In Irving, the property tax bills at the 25th, 75th, and 90th percentiles are all $79, indicating a relatively uniform tax rate across different property values. These property taxes fund essential local services such as schools, public safety, and infrastructure. For homeowners, understanding how their tax bill is calculated can help them anticipate annual expenses and manage their budgets more effectively. Compared to the national median property tax rate of 0.99%, Irving's property tax scenario seems relatively straightforward and manageable for most residents.
Average Irving Tax Bill
$79
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 Irving, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75016 | $79 | $79 | $79 | $79 | $79 |
Source: Ownwell