Bosque, New Mexico Property Taxes
The median property tax rate in Bosque, NM is 0.98%, slightly below the national median of 0.99% but higher than the New Mexico state median of 0.86%. With the median home value in Bosque, the typical annual property tax bill reaches $130, significantly lower than the national median of $2,690. Property taxes in Bosque 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 Bosque'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 Bosque 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
Bosque, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$127
Ownwell’s Bosque Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers aiming to estimate their annual property taxes in Bosque. By simply entering your property's estimated assessed value, the calculator utilizes the median tax rate in Bosque to provide an accurate property tax bill estimate. This user-friendly tool helps you understand your potential tax liabilities, ensuring you are well-prepared for any financial commitments. For those interested in more detailed trends at a neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and may include applicable exemptions.
Property Tax Rates Across Bosque, New Mexico
Property taxes in Bosque, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bosque is 0.98%, slightly below the U.S. national median of 0.99%. Local government entities within Bosque set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bosque 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 Bosque's effective property tax rate to other areas in New Mexico and the national median. For comparison, the zip code 87006 has both the highest and lowest median property tax rate of 0.98%. Understanding how these areas compare with Bosque provides valuable insights into the varying tax landscape across Socorro County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bosque Tax Rate
0.98%
Average Socorro County Tax Rate
0.98%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bosque, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87006 | 0.98% | 0.98% | 0.98% | 0.98% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Bosque, New Mexico
In Bosque, 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 Socorro 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 Bosque, 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 Bosque helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Bosque is $12,914, with tax bills ranging from $46 at the 25th percentile to $738 at the 90th percentile. The zip code 87006 has both the highest and lowest median tax bill, valued at $130.
Average Bosque Assessed Value
$12,914
Average Socorro County Assessed Value
$10,114
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bosque, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87006 | $2,682 | $4,699 | $12,914 | $32,759 | $75,331 |
Source: Ownwell
Property Tax Bills Across Bosque, New Mexico
Property tax bills in Bosque, located in Socorro County, NM, are determined by assessing the property's market value and applying the local tax rate. Homeowners in Bosque experience a median home price of $12,914, significantly lower than the national median. The property tax rate is applied to this assessed value to calculate the tax bill. For example, the tax bill at the 25th percentile is $46, while at the 75th percentile, it rises to $322. At the 90th percentile, homeowners can expect to pay around $738. These figures illustrate the range of property tax bills that homeowners in Bosque might encounter. The highest and lowest median tax bills in the area are both $130, indicating a relatively consistent tax burden across different properties. Compared to the national median property tax rate of 0.99%, Bosque's rates are relatively manageable, providing some financial relief for local homeowners. Understanding these factors can help homeowners anticipate their property tax obligations and plan accordingly.
Average Bosque Tax Bill
$130
Average Socorro County Tax Bill
$102
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Bosque, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87006 | $26 | $46 | $130 | $322 | $738 |
Source: Ownwell