Torrance County Property Taxes
The median property tax rate in Torrance County is 0.80%, which is lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Torrance County, the typical annual property tax bill amounts to $232, significantly less than the national median of $2,690. Property taxes in Torrance County are calculated based on the tax assessed value, which often falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Torrance County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Estancia or another part of Torrance County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Torrance County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$194
Ownwell’s Torrance Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Torrance with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Torrance to estimate your property tax bill. This tool provides valuable insights to help you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Torrance County, New Mexico
Property taxes in Torrance County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Torrance County is 0.80%, which is lower than the U.S. national median of 0.99%. Local government entities within Torrance County set these rates annually, and they can vary significantly between different areas within the county. Each year, Torrance County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Torrance County's effective property tax rate with other counties in New Mexico and the national median. For comparison, the city of Willard has one of the higher property tax rates in New Mexico at 0.87%, while the city of Corona boasts one of the lowest at 0.55%. Analyzing how Torrance County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Torrance County Tax Rate
0.80%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Torrance County, New Mexico
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Cedarvale | 0.54% | 0.56% | 0.63% | 0.68% | 0.78% |
| Clines Corners | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
| Corona | 0.53% | 0.54% | 0.55% | 0.64% | 0.67% |
| Edgewood | 0.64% | 0.80% | 0.80% | 0.83% | 2.00% |
| Encino | 0.55% | 0.68% | 0.68% | 0.71% | 0.77% |
| Estancia | 0.61% | 0.72% | 0.73% | 0.80% | 1.57% |
| Mcintosh | 0.72% | 0.75% | 0.83% | 2.12% | 6.98% |
| Moriarty | 0.65% | 0.80% | 0.80% | 0.87% | 2.61% |
| Mountainair | 0.54% | 0.66% | 0.68% | 0.81% | 0.81% |
| Tajique | 0.71% | 0.71% | 0.72% | 0.74% | 0.77% |
| Torreon | 0.70% | 0.73% | 0.74% | 0.75% | 0.75% |
| Willard | 0.69% | 0.72% | 0.87% | 0.89% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Torrance County, New Mexico
In Torrance County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Torrance County Appraisal District. The assessed value, however, 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 Torrance County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. For example, homeowners in Torreon face the highest median tax bill at $744, whereas those in Clines Corners have the lowest median tax bill at $159. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Being aware of these valuation processes in Torrance County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Torrance County, New Mexico
Source: Ownwell
$7,642
$54,015
$100,387
Average Torrance County Assessed Value
$24,245
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Torrance County, New Mexico
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Cedarvale | $28,419 | $48,724 | $61,690 | $199,448 | $268,327 |
| Clines Corners | $11,493 | $19,271 | $19,955 | $21,296 | $21,296 |
| Corona | $47,765 | $56,283 | $100,387 | $123,015 | $184,552 |
| Edgewood | $4,845 | $9,457 | $33,180 | $95,866 | $136,560 |
| Encino | $17,908 | $30,953 | $58,599 | $91,112 | $148,757 |
| Estancia | $4,335 | $8,604 | $24,893 | $70,373 | $137,851 |
| Mcintosh | $4,308 | $12,997 | $56,214 | $99,187 | $105,680 |
| Moriarty | $4,563 | $9,034 | $23,261 | $69,938 | $120,150 |
| Mountainair | $10,479 | $25,676 | $64,746 | $133,781 | $180,226 |
| Tajique | $15,597 | $31,198 | $41,258 | $60,010 | $91,255 |
| Torreon | $31,012 | $57,246 | $99,364 | $130,246 | $185,222 |
| Willard | $2,301 | $4,700 | $7,642 | $22,439 | $74,111 |
Source: Ownwell
Property Tax Bills Across Torrance County, New Mexico
In Torrance County, NM, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, which local assessors calculate based on various factors such as property size, location, and condition. Torrance County's median home price stands at $24,245, significantly lower than the national median. Homeowners in this county experience varying tax bills depending on their property's assessed value. For instance, the 25th percentile tax bill is $79, while those in the 75th percentile pay around $677. At the higher end, the 90th percentile tax bill reaches $1,202. The city with the highest median tax bill is Torreon, at $744, whereas Clines Corners has the lowest at $159. These taxes fund essential public services like schools, roads, and emergency services, impacting homeowners by influencing their overall cost of living and property affordability. Understanding these factors helps homeowners anticipate their annual tax obligations.
Average Torrance County Tax Bill
$232
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Torrance County, New Mexico
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Cedarvale | $113 | $283 | $433 | $1,264 | $2,608 |
| Clines Corners | $92 | $154 | $159 | $170 | $170 |
| Corona | $252 | $344 | $582 | $875 | $1,033 |
| Edgewood | $39 | $87 | $298 | $812 | $1,196 |
| Encino | $116 | $177 | $469 | $876 | $1,061 |
| Estancia | $33 | $73 | $219 | $621 | $1,244 |
| Mcintosh | $86 | $276 | $699 | $838 | $4,783 |
| Moriarty | $36 | $82 | $236 | $682 | $1,219 |
| Mountainair | $74 | $157 | $465 | $960 | $1,478 |
| Tajique | $111 | $222 | $294 | $452 | $716 |
| Torreon | $215 | $385 | $744 | $972 | $1,358 |
| Willard | $14 | $33 | $68 | $277 | $645 |
Source: Ownwell