Chamisal, New Mexico Property Taxes
The median property tax rate in Chamisal, NM is 0.56%, significantly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Chamisal, the typical annual property tax bill reaches $109, well below the national median of $2,690. Property taxes in Chamisal 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 Chamisal'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 Chamisal 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
Chamisal, 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 Chamisal Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chamisal with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chamisal 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 Chamisal, New Mexico
Property taxes in Chamisal, New Mexico, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Chamisal is 0.56%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Chamisal set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chamisal 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 Chamisal's effective property tax rate to other areas in New Mexico and the national median. For comparison, the zip code 87521 has both the highest and lowest median property tax rate in the region at 0.56%. Understanding how these areas compare with Chamisal 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 Chamisal Tax Rate
0.56%
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 Chamisal, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87521 | 0.41% | 0.46% | 0.56% | 0.58% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Chamisal, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Chamisal, New Mexico. The market value represents 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 Assessor 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 Chamisal, 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. For instance, the median home price in Chamisal is $16,490, with property tax bills ranging from $25 at the 25th percentile to $708 at the 90th percentile. The highest and lowest median tax bills are both $109, specifically in the 87521 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Chamisal Assessed Value
$16,490
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 Chamisal, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87521 | $4,269 | $5,415 | $16,490 | $71,756 | $129,411 |
Source: Ownwell
Property Tax Bills Across Chamisal, New Mexico
In Chamisal, located in Taos County, NM, property tax bills are calculated based on the assessed value of a home, which differs from its market value. The assessed value is determined by the county assessor and reflects a percentage of the market value. For instance, with a median home price of $16,490, the property tax rate is applied to this assessed value to calculate the annual tax bill. Several factors influence the tax bill, including the property's location, any applicable exemptions, and the specific tax rate set by local authorities. Homeowners in Chamisal see a range of tax bills, with the 25th percentile around $25 and the 75th percentile reaching $392. At the 90th percentile, the tax bill can be as high as $708. Compared to the national median property tax rate of 0.99%, Chamisal's rates can be significantly lower, making it an attractive option for homeowners seeking affordability. However, these variations underscore the importance of understanding local tax assessments and their impact on overall homeownership costs.
Average Chamisal Tax Bill
$109
Average Taos County Tax Bill
$178
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Chamisal, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87521 | $17 | $25 | $109 | $392 | $708 |
Source: Ownwell