Valdez, New Mexico Property Taxes
The median property tax rate in Valdez, NM is 0.56%, considerably lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Valdez, the typical annual property tax bill reaches $972, falling well below the national median of $2,690. Property taxes in Valdez 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 Valdez'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 Valdez 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
Valdez, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$965
Ownwell’s Valdez Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Valdez with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Valdez 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 Valdez, New Mexico
Property taxes in Valdez, 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 Valdez is 0.56%, significantly lower than the U.S. national median of 0.99%. Local government entities within Valdez set these rates annually, and they can vary significantly across different neighborhoods. Each year, Valdez 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 Valdez's effective property tax rate to other counties in New Mexico and the national median. For comparison, the highest median property tax rate in the area is also 0.56%, and the lowest median tax rate is similarly 0.56%, both found in the zip code 87580. Understanding how these cities compare with Valdez 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 Valdez 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 Valdez, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87580 | 0.54% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Valdez, New Mexico
In Valdez, 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. In Valdez, 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 Valdez helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Valdez is $172,268, with tax bills ranging from $304 at the 25th percentile to $3,968 at the 90th percentile. The zip code 87580 has the highest and lowest median tax bill of $972.
Average Valdez Assessed Value
$172,268
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 Valdez, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87580 | $18,042 | $53,943 | $172,268 | $226,062 | $710,238 |
Source: Ownwell
Property Tax Bills Across Valdez, New Mexico
In Valdez, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the local county assessor. The assessed value is a percentage of the market value of the property. Homeowners in Valdez can expect their property tax bills to vary significantly depending on the assessed value of their homes. For example, the 25th percentile tax bill is around $304, while the 75th percentile tax bill reaches $1,277. At the higher end, the 90th percentile tax bill can soar up to $3,968. These property tax bills are influenced by several factors, including the property's location, size, and any applicable exemptions. For instance, the highest median tax bill in the area is $972 in the 87580 zip code, which is also the lowest median tax bill, indicating a uniformity in tax rates within that specific area. Homeowners in Valdez should be aware that their property tax bills can have a substantial impact on their annual housing costs, making it crucial to understand how these taxes are calculated and what factors may affect them.
Average Valdez Tax Bill
$972
Average Taos County Tax Bill
$178
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Valdez, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87580 | $101 | $304 | $972 | $1,277 | $3,968 |
Source: Ownwell