Red River, New Mexico Property Taxes
The median property tax rate in Red River, NM is 0.79%, lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Red River, the typical annual property tax bill is $1,124, falling below the national median of $2,690. Property taxes in Red River 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 Red River'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 Red River 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
Red River, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$1,127
Ownwell’s Red River Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Red River with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Red River 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 Taos County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Red River, New Mexico
Property taxes in Red River, 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 Red River is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Red River set these rates annually, and they can vary significantly across different neighborhoods. Each year, Red River 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 Red River's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 87558 has both the highest and lowest median property tax rate of 0.79%. Understanding how these areas compare with Red River 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 Red River Tax Rate
0.79%
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 Red River, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87558 | 0.79% | 0.79% | 0.79% | 0.79% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Red River, New Mexico
Understanding the distinction between "market value" and "assessed value" is essential for grasping property taxes in Red River, New Mexico. The market value represents the price a willing buyer would pay a willing seller in an open market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Taos County Assessor's Office for tax purposes. The assessed value, on the other hand, is the market value minus any applicable exemptions or limits based on local laws and available programs. This assessed value is then multiplied by the combined tax rates of all relevant taxing entities to calculate your property taxes. In Red River, 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 these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. For instance, the median home price is $142,611, with tax bills ranging from $767 at the 25th percentile to $2,307 at the 90th percentile. The zip code 87558 has the highest and lowest median tax bill, both at $1,124. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Red River Assessed Value
$142,611
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 Red River, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87558 | $66,898 | $97,338 | $142,611 | $236,241 | $292,650 |
Source: Ownwell
Property Tax Bills Across Red River, New Mexico
In Red River, located in Taos County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Homeowners in Red River can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill stands at $767, while the 75th percentile reaches $1,862. The 90th percentile tax bill is even higher at $2,307. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Red River's rates can be quite diverse. The median home price in the area is $142,611, which serves as a basis for calculating the tax owed. Higher tax bills can impact homeowners by increasing their annual expenses, but they also reflect the value and amenities of the local area.
Average Red River Tax Bill
$1,124
Average Taos County Tax Bill
$178
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Red River, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87558 | $527 | $767 | $1,124 | $1,862 | $2,307 |
Source: Ownwell