Milan, New Mexico Property Taxes
The median property tax rate in Milan, NM is 1.02%, slightly higher than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Milan, the typical annual property tax bill reaches $274, which is significantly lower than the national median of $2,690. Property taxes in Milan are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Milan'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 Milan 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
Milan, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$285
$264
Ownwell’s Milan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milan 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 Milan, New Mexico
Property taxes in Milan, 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 Milan is 1.02%, which is higher than the U.S. national median of 0.99%. Local government entities within Milan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milan 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 Milan's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87021 zip code has both the highest and lowest median property tax rate of 1.02%. Understanding how these cities compare with Milan provides valuable insights into the varying tax landscape across Cibola County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milan Tax Rate
1.02%
Average Cibola County Tax Rate
0.98%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milan, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87021 | 0.79% | 0.94% | 1.02% | 1.03% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Milan, New Mexico
In Milan, 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 Cibola 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 Milan, 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 Milan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Milan are both $274, found in the 87021 zip code.
Average Milan Assessed Value
$27,934
Average Cibola County Assessed Value
$45,831
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milan, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87021 | $3,464 | $6,614 | $27,934 | $64,411 | $103,096 |
Source: Ownwell
Property Tax Bills Across Milan, New Mexico
In Milan, located in Cibola County, NM, property tax bills are calculated based on the assessed value of a property. The tax assessor determines this value, which is typically a percentage of the property's market value. For homeowners in Milan, the median home price is $27,934. Property tax rates in this region can vary, but they generally reflect local budgetary needs and public service funding requirements. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. For example, the tax bill at the 25th percentile is $67, while at the 75th percentile, it rises to $636. At the 90th percentile, homeowners might see a tax bill as high as $1,003. These figures indicate a range of property values and tax obligations within the community. Understanding these factors is crucial for homeowners as property taxes directly impact annual housing costs. Comparing Milan's tax rates to the national median property tax rate of 0.99% can help homeowners gauge their tax burden relative to other regions.
Average Milan Tax Bill
$274
Average Cibola County Tax Bill
$449
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Milan, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87021 | $31 | $67 | $274 | $636 | $1,003 |
Source: Ownwell