Williamsburg, New Mexico Property Taxes
The median property tax rate in Williamsburg, NM is 0.76%, significantly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With a median home value in Williamsburg, the typical annual property tax bill is $378, which is well below the national median of $2,690. Property taxes in Williamsburg are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Williamsburg'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 Williamsburg or another part of Sierra County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Williamsburg, New Mexico Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,720
Ownwell’s Williamsburg Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Williamsburg using just two data points. Simply enter your property's estimated assessed value, and the calculator will apply the median tax rate in Williamsburg to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Williamsburg, New Mexico
Property taxes in Williamsburg, NM, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Williamsburg is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Williamsburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Williamsburg 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 Williamsburg's effective property tax rate to other areas and the national median. For comparison, the zip code 87942 has the highest median property tax rate of 0.76%, while the same zip code also has the lowest median tax rate of 0.76%. Understanding how these areas compare with Williamsburg provides valuable insights into the varying tax landscape across Sierra County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Williamsburg Tax Rate
0.76%
Average Sierra County Tax Rate
0.77%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Williamsburg, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87942 | 0.64% | 0.72% | 0.76% | 0.81% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Williamsburg, New Mexico
In Williamsburg, 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 Sierra 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 Williamsburg, 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. For instance, the highest median tax bill in Williamsburg is $378 in the 87942 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Williamsburg, New Mexico
Source: Ownwell
$16,624
$173,383
$330,141
Average Williamsburg Assessed Value
$52,296
Average Sierra County Assessed Value
$44,145
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Williamsburg, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87942 | $6,650 | $24,398 | $52,296 | $97,339 | $151,797 |
Source: Ownwell
Property Tax Bills Across Williamsburg, New Mexico
In Williamsburg, Sierra County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Williamsburg is $52,296, and the assessed value is a percentage of this market value. The tax rate is then applied to this assessed value to determine the annual tax bill. Homeowners in Williamsburg can expect their property tax bills to vary significantly. At the 25th percentile, the tax bill is around $175, while at the 75th percentile, it rises to approximately $716. For those at the 90th percentile, the tax bill can reach up to $1,137. The highest median tax bill in the area is $378, which is consistent across the zip code 87942. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting homeowners by contributing to the overall quality of life in the community.
Average Williamsburg Tax Bill
$378
Average Sierra County Tax Bill
$335
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Williamsburg, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87942 | $47 | $175 | $378 | $716 | $1,137 |
Source: Ownwell