Magdalena, New Mexico Property Taxes
The median property tax rate in Magdalena, NM is 0.92%, slightly lower than the national median of 0.99% but higher than the New Mexico state median of 0.86%. With a median home value of $19,035 in Magdalena, the typical annual property tax bill is around $180, significantly less than the national median of $2,690. Property taxes in Magdalena are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Magdalena's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Magdalena or another part of Socorro County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Magdalena, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$175
Ownwell’s Magdalena Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Magdalena with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Magdalena 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 Magdalena, New Mexico
Property taxes in Magdalena, 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 Magdalena is 0.92%, slightly below the U.S. national median of 0.99%. Local government entities within Magdalena set these rates annually, and they can vary significantly across different neighborhoods. Each year, Magdalena 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 Magdalena's effective property tax rate to other areas in New Mexico and the national median. For comparison, the zip code 87825 has both the highest and lowest median property tax rate in the region at 0.92%. Understanding how these cities compare with Magdalena 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 Magdalena Tax Rate
0.92%
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 Magdalena, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87825 | 0.89% | 0.91% | 0.92% | 0.94% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Magdalena, New Mexico
In Magdalena, 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 Magdalena, 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 Magdalena helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Magdalena is $19,035, with tax bills ranging from $87 at the 25th percentile to $1,169 at the 90th percentile. The zip code 87825 has both the highest and lowest median tax bill at $180.
Average Magdalena Assessed Value
$19,035
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 Magdalena, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87825 | $3,310 | $8,614 | $19,035 | $51,470 | $125,058 |
Source: Ownwell
Property Tax Bills Across Magdalena, New Mexico
In Magdalena, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value, reflecting the home's worth. Factors such as the home's location, size, age, and condition play a crucial role in this valuation. The local tax rate is then applied to the assessed value to determine the annual tax bill. For homeowners in Magdalena, the median home price is $19,035. Property tax bills can vary significantly, with the 25th percentile tax bill at $87 and the 75th percentile reaching $443. The top 10% of tax bills can be as high as $1,169. These figures indicate that while some homeowners may pay relatively low property taxes, others could face higher bills depending on their property's assessed value. This variability impacts homeowners' financial planning and budgeting, making it essential to understand how property taxes are calculated and what factors influence their tax obligations.
Average Magdalena Tax Bill
$180
Average Socorro County Tax Bill
$102
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Magdalena, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87825 | $35 | $87 | $180 | $443 | $1,169 |
Source: Ownwell