Sandia Park, New Mexico Property Taxes
The median property tax rate in Sandia Park, NM is 0.64%, 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 Sandia Park at $113,472, the typical annual property tax bill amounts to $659, significantly below the national median of $2,690. Property taxes in Sandia Park are based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural land. Gaining a thorough understanding of Sandia Park's property tax system, including exploring available exemptions and identifying opportunities for reductions, can lead to substantial annual savings. Whether you're located in the heart of Sandia Park or another part of the city, familiarizing yourself with the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Sandia Park, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$726
Ownwell’s Sandia Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sandia Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sandia Park 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 Sandia Park, New Mexico
Property taxes in Sandia Park, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sandia Park is 0.64%, lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Sandia Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sandia Park 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 Sandia Park's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87047 zip code has the highest median property tax rate of 0.64%, while the 87047 zip code also has the lowest median tax rate of 0.64%. Understanding how these cities compare with Sandia Park 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 Sandia Park Tax Rate
0.64%
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 Sandia Park, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87047 | 0.36% | 0.51% | 0.64% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Sandia Park, New Mexico
In Sandia Park, 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 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 Sandia Park, 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 Sandia Park is $113,472, with tax bills ranging from $274 at the 25th percentile to $2,157 at the 90th percentile. Notably, the zip code 87047 has both the highest and lowest median tax bill, at $659. 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 Sandia Park Assessed Value
$113,472
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 Sandia Park, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87047 | $23,753 | $65,406 | $113,472 | $187,843 | $330,976 |
Source: Ownwell
Property Tax Bills Across Sandia Park, New Mexico
In Sandia Park, Santa Fe County, NM, property tax bills are determined based on the assessed value of a home, which is typically a percentage of the market value. The county assessor evaluates properties to establish this value. For instance, with a median home price of $113,472, the assessed value is calculated to determine the tax bill. Homeowners in Sandia Park experience varying tax bills, with the 25th percentile paying around $274, while those in the 75th percentile pay approximately $1,063, and the 90th percentile reaching up to $2,157. These tax bills are influenced by factors such as property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Sandia Park's rates can be more manageable or more burdensome depending on these variables. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Sandia Park Tax Bill
$659
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 Sandia Park, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87047 | $159 | $274 | $659 | $1,063 | $2,157 |
Source: Ownwell