San Mateo, New Mexico Property Taxes
The median property tax rate in San Mateo, NM is 0.94%, slightly below the national median of 0.99% but higher than the New Mexico state median of 0.86%. With the median home value in San Mateo at $278,991, the typical annual property tax bill reaches $2,633, just under the national median of $2,690. Property taxes in San Mateo 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 San Mateo'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 San Mateo 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
San Mateo, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$2,623
$2,434
Ownwell’s San Mateo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in San Mateo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in San Mateo 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 San Mateo, New Mexico
Property taxes in San Mateo, New Mexico, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in San Mateo is 0.94%, which is slightly below the U.S. national median of 0.99%. Local government entities within San Mateo set these rates annually, and they can vary significantly across different neighborhoods. Each year, San Mateo 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 San Mateo's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87020 zip code has the highest median property tax rate of 0.94%, while the same zip code also has the lowest median tax rate of 0.94%. Understanding how these areas compare with San Mateo 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 San Mateo Tax Rate
0.94%
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 San Mateo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87020 | 0.94% | 0.94% | 0.94% | 0.94% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across San Mateo, New Mexico
In San Mateo, 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 San Mateo, 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 San Mateo 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 $2633, found in the 87020 zip code.
Average San Mateo Assessed Value
$278,991
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 San Mateo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87020 | $278,991 | $278,991 | $278,991 | $278,991 | $278,991 |
Source: Ownwell
Property Tax Bills Across San Mateo, New Mexico
In San Mateo, located in Cibola County, NM, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. The median home price in this area is $278,991. To determine the tax bill, local tax rates are applied to the assessed value. For instance, if the assessed value is 80% of the market value, a home valued at $278,991 would have an assessed value of $223,193. The property tax rate for this region is then applied to this assessed value to calculate the tax bill. Several factors influence the final tax bill, including the local tax rate and any applicable exemptions or deductions. Homeowners in San Mateo face a median tax bill of $2,633, which is consistent across various percentiles, indicating a stable tax environment. This tax bill impacts homeowners by contributing to the overall cost of homeownership and influencing decisions regarding property investments and budgeting for annual expenses.
Average San Mateo Tax Bill
$2,633
Average Cibola County Tax Bill
$449
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across San Mateo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87020 | $2,633 | $2,633 | $2,633 | $2,633 | $2,633 |
Source: Ownwell