Corona, New Mexico Property Taxes
The median property tax rate in Corona, NM is 0.55%, significantly lower than both the national median of 0.99% and New Mexico's state median of 0.86%. With the median home value in Corona, the typical annual property tax bill reaches $582, which is well below the national median of $2,690. Property taxes in Corona are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Corona'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 Corona 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
Corona, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$552
Ownwell’s Corona Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Corona with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Corona 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 Corona, New Mexico
Property taxes in Corona, 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 Corona is 0.55%, which is lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Corona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Corona 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 Corona's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 88318 zip code has both the highest and lowest median property tax rate of 0.55%. Understanding how these areas compare with Corona provides valuable insights into the varying tax landscape across Torrance County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Corona Tax Rate
0.55%
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 Corona, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88318 | 0.53% | 0.54% | 0.55% | 0.64% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across Corona, New Mexico
In Corona, 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 Torrance 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 Corona, 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. The median home price in Corona is $100,387, with tax bills ranging from $344 at the 25th percentile to $1,033 at the 90th percentile. The highest and lowest median tax bills are both $582, recorded in the 88318 zip code. 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 Corona helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Corona Assessed Value
$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 Corona, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88318 | $47,765 | $56,283 | $100,387 | $123,015 | $184,552 |
Source: Ownwell
Property Tax Bills Across Corona, New Mexico
In Corona, Torrance County, NM, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the county assessor and typically represents a percentage of the market value of the property. For instance, with a median home price of $100,387, the property tax bill can vary significantly. Homeowners in the 25th percentile may see tax bills around $344, while those in the 75th percentile could face bills up to $875. At the 90th percentile, tax bills can reach as high as $1,033. These variations in tax bills are influenced by factors such as property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, the property tax rates in Corona are relatively moderate, providing some relief to homeowners. However, understanding these factors and how they impact your specific tax bill is crucial for effective financial planning and ensuring you're not overpaying on property taxes.
Average Corona Tax Bill
$582
Average Torrance County Tax Bill
$232
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Corona, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88318 | $252 | $344 | $582 | $875 | $1,033 |
Source: Ownwell