El Prado, New Mexico Property Taxes
The median property tax rate in El Prado, NM is 0.56%, 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 El Prado of $26,952, the typical annual property tax bill is $187, well below the national median of $2,690. Property taxes in El Prado are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions such as those for primary residences and agricultural use. Understanding El Prado'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 El Prado or another part of Taos County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
El Prado, 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 EL PRADO Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in EL PRADO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in EL PRADO 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 El Prado, New Mexico
Property taxes in El Prado, 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 El Prado is 0.56%, which is lower than the U.S. national median of 0.99%. Local government entities within El Prado set these rates annually, and they can vary significantly across different neighborhoods. Each year, El Prado 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 El Prado's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 87529, which includes El Prado, has a median property tax rate of 0.56%. Understanding how these cities compare with El Prado 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 El Prado 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 El Prado, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87529 | 0.41% | 0.51% | 0.56% | 0.65% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across El Prado, New Mexico
In EL PRADO, 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 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 EL PRADO, 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 EL PRADO helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the median home price in EL PRADO is $26,952. The tax bills range significantly, with the 25th percentile at $49 and the 75th percentile at $982. The highest and lowest median tax bills in the area are both $187, found in the 87529 zip code.
Average El Prado Assessed Value
$26,952
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 El Prado, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87529 | $4,640 | $6,970 | $26,952 | $140,328 | $301,060 |
Source: Ownwell
Property Tax Bills Across El Prado, New Mexico
In El Prado, located in Taos County, NM, property tax bills are calculated based on the assessed value of the property. The median home price in this area is $26,952, and the property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in El Prado can expect their tax bills to vary significantly, with the 25th percentile paying around $49 and the 75th percentile paying up to $982. For those in the 90th percentile, tax bills can reach as high as $1,939. The highest median tax bill in the area is $187, which is consistent across the zip code 87529. Compared to the national median property tax rate of 0.99%, El Prado's property tax rates are relatively modest. These taxes are crucial for funding local services such as schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners.
Average El Prado Tax Bill
$187
Average Taos County Tax Bill
$178
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across El Prado, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87529 | $25 | $49 | $187 | $982 | $1,939 |
Source: Ownwell