Amalia, New Mexico Property Taxes
The median property tax rate in Amalia, NM is 0.52%, significantly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With a median home value of $35,190 in Amalia, the typical annual property tax bill is just $216, well below the national median of $2,690. Property taxes in Amalia are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Amalia'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 Amalia or another part of the city, becoming familiar with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Amalia, 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 Amalia Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Amalia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Amalia to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Amalia, New Mexico
Property taxes in Amalia, 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 Amalia is 0.52%, which is lower than the U.S. national median of 0.99%. Local government entities within Amalia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Amalia 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 Amalia's effective property tax rate to other areas in New Mexico and the national median. For comparison, the zip code 87512 has both the highest and lowest median property tax rate of 0.52%. Understanding how these cities compare with Amalia provides valuable insights into the varying tax landscape across Taos County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Amalia Tax Rate
0.52%
Average Taos County Tax Rate
0.59%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Amalia, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87512 | 0.43% | 0.49% | 0.52% | 0.58% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Amalia, New Mexico
In Amalia, 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 Taos 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. Assessment notices in Amalia 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. In Amalia, the highest and lowest median tax bills are both $216, found in the 87512 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Amalia Assessed Value
$35,190
Average Taos County Assessed Value
$25,092
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Amalia, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87512 | $4,444 | $6,568 | $35,190 | $70,752 | $388,871 |
Source: Ownwell
Property Tax Bills Across Amalia, New Mexico
In Amalia, NM, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by the county assessor and is a percentage of the market value of your property. For example, with a median home price of $35,190, the tax bill can range significantly. Factors such as location, property size, and improvements can influence this assessed value. Homeowners in Amalia can expect their tax bills to vary widely; the 25th percentile tax bill is as low as $28, while the 75th percentile tax bill reaches $417. For those at the 90th percentile, the tax bill can soar to $2,293. These variations highlight the importance of understanding your property's assessed value and how it impacts your tax obligations. Compared to the national median property tax rate of 0.99%, Amalia's property tax rates can be quite favorable, offering some relief to homeowners. Effective property tax management can lead to significant savings.
Average Amalia Tax Bill
$216
Average Taos County Tax Bill
$178
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Amalia, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87512 | $15 | $28 | $216 | $417 | $2,293 |
Source: Ownwell