Jarales, New Mexico Property Taxes
The median property tax rate in Jarales, NM is 0.93%, slightly lower than the national median of 0.99% but higher than the New Mexico state median of 0.86%. With a median home value of $35,000 in Jarales, the typical annual property tax bill amounts to $335, which is significantly below the national median of $2,690. Property taxes in Jarales are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Jarales' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Jarales or another part of Valencia County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Jarales, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$326
Ownwell’s Jarales Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jarales with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jarales 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 Jarales, New Mexico
Property taxes in Jarales, 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 Jarales is 0.93%, slightly lower than the U.S. national median of 0.99%. Local government entities within Jarales set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jarales 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 Jarales's effective property tax rate to other areas in Valencia County and the national median. For comparison, the 87023 zip code has the highest median property tax rate of 0.93%, while the 87023 zip code also has the lowest median tax rate of 0.93%. Understanding how these areas compare with Jarales provides valuable insights into the varying tax landscape across Valencia County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jarales Tax Rate
0.93%
Average Valencia County Tax Rate
0.84%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jarales, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87023 | 0.78% | 0.78% | 0.93% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Jarales, New Mexico
In Jarales, 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 Valencia County Assessor's Office 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. Assessment notices in Jarales 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 Jarales helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Jarales, the median home price is $35,000, with tax bills ranging from $111 at the 25th percentile to $1,281 at the 90th percentile. The zip code 87023 has the highest and lowest median tax bill of $335.
Average Jarales Assessed Value
$35,000
Average Valencia County Assessed Value
$25,479
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jarales, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87023 | $5,143 | $11,949 | $35,000 | $75,066 | $135,394 |
Source: Ownwell
Property Tax Bills Across Jarales, New Mexico
In Jarales, located in Valencia County, NM, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the county assessor and is a percentage of the property's market value. Homeowners in Jarales can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is approximately $111, while the 75th percentile tax bill reaches around $712. At the higher end, the 90th percentile tax bill can be as much as $1,281. Several factors influence these amounts, including the property's location within the county, any applicable exemptions, and the specific tax rate set by local taxing authorities. With the national median property tax rate at 0.99%, homeowners in Jarales face relatively lower tax bills. The median home price in the area is $35,000, which directly impacts the overall tax liability. Understanding these factors can help homeowners anticipate their annual property tax expenses and plan their finances accordingly.
Average Jarales Tax Bill
$335
Average Valencia County Tax Bill
$228
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Jarales, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87023 | $36 | $111 | $335 | $712 | $1,281 |
Source: Ownwell