Sandia Park, New Mexico Property Taxes
The median property tax rate in Sandia Park, NM is 1.00%, slightly higher than the national median of 0.99% and significantly above the New Mexico state median of 0.86%. With the median home value in Sandia Park, the typical annual property tax bill reaches $2,364, which is below the national median of $2,690. Property taxes in Sandia Park are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Sandia Park'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 Sandia Park 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
Sandia Park, New Mexico Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,720
Ownwell’s Sandia Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sandia Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sandia Park 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 Sandia Park, New Mexico
Property taxes in Sandia Park, 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 Sandia Park is 1.00%, slightly higher than the U.S. national median of 0.99%. Local government entities within Sandia Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sandia Park 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 Sandia Park's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 87047 has the highest median property tax rate of 1.00%, while the same zip code also has the lowest median tax rate of 1.00%. Understanding how these cities compare with Sandia Park 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 Sandia Park Tax Rate
1.00%
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 Sandia Park, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87047 | 0.96% | 0.98% | 1.00% | 1.00% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Sandia Park, New Mexico
In Sandia Park, 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 Sandia Park, 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 Sandia Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2,364, found in zip code 87047.
Average Sandia Park Assessed Value
$209,720
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 Sandia Park, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87047 | $22,610 | $114,802 | $209,720 | $348,695 | $465,448 |
Source: Ownwell
Property Tax Bills Across Sandia Park, New Mexico
In Sandia Park, located in Bernalillo County, NM, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and is a percentage of the home's market value. For instance, with a median home price of $209,720, the assessed value plays a crucial role in determining the final tax bill. Factors such as property size, location, and any improvements or modifications to the home are considered in this valuation. Homeowners in Sandia Park can expect their tax bills to vary significantly; the 25th percentile tax bill is around $1,477, while the 75th percentile tax bill can reach up to $3,664. At the 90th percentile, tax bills can be as high as $4,913. Comparing these figures with the national median property tax rate of 0.99%, homeowners in Sandia Park may find their tax bills relatively high or low depending on their property's assessed value and specific circumstances. This variability directly affects homeowners' annual financial planning and budgeting.
Average Sandia Park Tax Bill
$2,364
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 Sandia Park, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87047 | $868 | $1,477 | $2,364 | $3,664 | $4,913 |
Source: Ownwell