Santa Cruz, New Mexico Property Taxes
The median property tax rate in Santa Cruz, NM is 0.49%, 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 Santa Cruz, the typical annual property tax bill reaches $692, significantly below the national median of $2,690. Property taxes in Santa Cruz 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 Santa Cruz'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 Santa Cruz 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
Santa Cruz, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.49%
Estimate Property Tax Bill
$825
Ownwell’s Santa Cruz Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Santa Cruz with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Santa Cruz 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 Santa Cruz, New Mexico
Property taxes in Santa Cruz, 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 Santa Cruz is 0.49%, which is lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Santa Cruz set these rates annually, and they can vary significantly across different neighborhoods. Each year, Santa Cruz 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 Santa Cruz's effective property tax rate to other areas in New Mexico and the national median. For comparison, the zip code 87567 has the highest median property tax rate of 0.49%, while the same zip code also has the lowest median tax rate of 0.49%. Understanding how these areas compare with Santa Cruz 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 Santa Cruz Tax Rate
0.49%
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 Santa Cruz, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87567 | 0.28% | 0.38% | 0.49% | 0.63% | 0.66% |
Source: Ownwell
Property Tax Assessment Values Across Santa Cruz, New Mexico
In Santa Cruz, 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 Santa Cruz, 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 Santa Cruz helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 87567 has both the highest and lowest median tax bill, valued at $692.
Average Santa Cruz Assessed Value
$168,407
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 Santa Cruz, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87567 | $9,436 | $60,960 | $168,407 | $280,553 | $397,488 |
Source: Ownwell
Property Tax Bills Across Santa Cruz, New Mexico
In Santa Cruz, New Mexico, property tax bills are calculated based on the assessed value of your home. The local tax assessor determines this value, which is then multiplied by the local tax rate to calculate your annual property tax bill. Factors that influence the assessed value include the market value of your home, its size, location, and any improvements made to the property. Homeowners in Santa Cruz can expect varying tax bills depending on these assessed values. For instance, the 25th percentile tax bill is around $315, while those in the 75th percentile pay approximately $1,192. The 90th percentile can see bills as high as $1,719. These figures show a range of property tax burdens, reflecting the diversity in property values across the city. Comparatively, Santa Cruz's property tax rates are quite competitive, considering the national median property tax rate stands at 0.99%. This means that homeowners in Santa Cruz may find their property tax bills relatively manageable, depending on their property's assessed value.
Average Santa Cruz Tax Bill
$692
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 Santa Cruz, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87567 | $58 | $315 | $692 | $1,192 | $1,719 |
Source: Ownwell