Lamy, New Mexico Property Taxes
The median property tax rate in Lamy, NM is 0.56%, 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 Lamy, the typical annual property tax bill reaches $3,631, exceeding the national median of $2,690. Property taxes in Lamy 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 Lamy'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 Lamy 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
Lamy, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$3,653
Ownwell’s Lamy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lamy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lamy 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 Lamy, New Mexico
Property taxes in Lamy, 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 Lamy is 0.56%, which is lower than the U.S. national median of 0.99%. Local government entities within Lamy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lamy 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 Lamy's effective property tax rate to other areas in Santa Fe County and the national median. For comparison, the 87540 zip code has both the highest and lowest median property tax rate of 0.56%, highlighting a uniform tax landscape in this region. Understanding how these areas compare with Lamy 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 Lamy Tax Rate
0.56%
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 Lamy, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87540 | 0.37% | 0.50% | 0.56% | 0.64% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Lamy, New Mexico
In Lamy, 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 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 Lamy, 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. For instance, the median home price in Lamy is $652,386, with tax bills ranging from $2,031 at the 25th percentile to $5,399 at the 75th percentile, and up to $7,046 at the 90th percentile. Notably, the zip code 87540 has both the highest and lowest median tax bill at $3,631. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lamy Assessed Value
$652,386
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 Lamy, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87540 | $147,943 | $419,520 | $652,386 | $883,305 | $1,178,100 |
Source: Ownwell
Property Tax Bills Across Lamy, New Mexico
In Lamy, located in 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 home's market value. Property tax rates are applied to this assessed value to determine the final tax bill. Various factors influence the assessed value, including the home's location, size, and condition, as well as recent sales of comparable properties in the area. Homeowners in Lamy experience property tax bills that can vary significantly. For instance, the 25th percentile tax bill is $2,031, while the 75th percentile tax bill is $5,399, and the 90th percentile tax bill reaches $7,046. These figures reflect the range of property values and the corresponding tax burdens within the community. Compared to the national median property tax rate of 0.99%, Lamy's property tax bills can be relatively high, impacting homeowners by increasing their annual expenses. This variation underscores the importance of understanding how property taxes are calculated and the factors that contribute to the overall tax burden.
Average Lamy Tax Bill
$3,631
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 Lamy, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87540 | $606 | $2,031 | $3,631 | $5,399 | $7,046 |
Source: Ownwell