Los Ranchos, New Mexico Property Taxes
The median property tax rate in Los Ranchos, NM is 1.23%, considerably higher than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Los Ranchos at $258,449, the typical annual property tax bill reaches $3,946, exceeding the national median of $2,690. Property taxes in Los Ranchos 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 Los Ranchos'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 Los Ranchos 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
Los Ranchos, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$3,179
Ownwell’s Los Ranchos Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Los Ranchos with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Los Ranchos 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 Los Ranchos, New Mexico
Property taxes in Los Ranchos, New Mexico, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Los Ranchos is 1.23%, notably higher than the U.S. national median of 0.99%. Local government entities within Los Ranchos set these rates annually, and they can vary significantly across different neighborhoods. Each year, Los Ranchos 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 Los Ranchos' effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87107 zip code has the highest median property tax rate of 1.23%, while the 87114 zip code has the lowest median tax rate of 1.23%. Understanding how these cities compare with Los Ranchos provides valuable insights into the varying tax landscape across Bernalillo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Los Ranchos Tax Rate
1.23%
Average Bernalillo County Tax Rate
1.38%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Los Ranchos, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87107 | 1.19% | 1.21% | 1.23% | 1.24% | 1.25% |
| 87114 | 1.19% | 1.21% | 1.23% | 1.23% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Los Ranchos, New Mexico
In Los Ranchos, 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 Bernalillo 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. In Los Ranchos, 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 Los Ranchos helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $4,037 in the 87107 zip code, while the lowest is $3,787 in the 87114 zip code.
Average Los Ranchos Assessed Value
$258,449
Average Bernalillo County Assessed Value
$164,969
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Los Ranchos, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87107 | $5,900 | $148,324 | $264,815 | $536,646 | $777,937 |
| 87114 | $2,840 | $50,741 | $231,852 | $435,086 | $602,218 |
Source: Ownwell
Property Tax Bills Across Los Ranchos, New Mexico
In Los Ranchos, Bernalillo County, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in this area is $258,449, and property taxes are influenced by several factors, including the property's location, size, and any applicable exemptions. Homeowners in Los Ranchos can expect a wide range of tax bills. For instance, the 25th percentile tax bill is $2,379, while the 75th percentile tax bill rises significantly to $6,967. At the higher end, the 90th percentile tax bill reaches $9,989. The highest median tax bill in the region is $4,037, found in the 87107 zip code, whereas the lowest median tax bill is $3,787 in the 87114 zip code. These variations can have a substantial impact on homeowners, influencing their overall cost of living and financial planning. Compared to the national median property tax rate of 0.99%, the rates in Los Ranchos reflect the unique economic and real estate conditions of the area.
Average Los Ranchos Tax Bill
$3,946
Average Bernalillo County Tax Bill
$2,460
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Los Ranchos, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87107 | $1,710 | $2,432 | $4,037 | $7,330 | $10,689 |
| 87114 | $1,274 | $2,257 | $3,787 | $6,016 | $8,077 |
Source: Ownwell