Colfax County, New Mexico Property Taxes
The median property tax rate in Colfax County is 0.76%, which is lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Colfax County at $80,911, the typical annual property tax bill is approximately $615, significantly less than the national median of $2,690. Property taxes in Colfax County are calculated based on the assessed value, which often falls below the actual market value due to various property tax exemptions, such as those for primary residences and agricultural properties. Understanding Colfax County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide substantial annual savings. Whether you live in Raton or another part of Colfax County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Colfax County, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$615
$571
Ownwell’s Colfax County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Colfax County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Colfax County to estimate your property tax bill. This tool helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Colfax County, New Mexico
Property taxes in Colfax County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Colfax County is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Colfax County set these rates annually, and they can vary significantly between different areas within the county. Each year, Colfax County estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Colfax County's effective property tax rate with other counties in New Mexico and the national median. For comparison, the city of Springer has one of the higher property tax rates in New Mexico at 1.03%, while the city of Ute Park boasts one of the lowest at 0.67%. Analyzing how Colfax County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Colfax County Tax Rate
0.76%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colfax County, New Mexico
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Angel Fire | 0.67% | 1.00% | 1.00% | 1.00% | 1.00% |
| Cimarron | 0.65% | 0.79% | 0.86% | 0.86% | 0.90% |
| Eagle Nest | 0.67% | 0.67% | 0.67% | 0.73% | 0.73% |
| Gladstone | N/A | N/A | N/A | N/A | N/A |
| Maxwell | 0.71% | 0.79% | 0.99% | 1.08% | 1.08% |
| Miami | 0.60% | 0.74% | 0.81% | 0.82% | 0.82% |
| Raton | 0.52% | 0.62% | 0.76% | 0.76% | 0.77% |
| Springer | 0.68% | 0.82% | 1.03% | 1.03% | 1.03% |
| Ute Park | 0.67% | 0.67% | 0.67% | 0.67% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across Colfax County, New Mexico
In Colfax County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Colfax County Appraisal District. The assessed value, however, 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 Colfax County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Cities within Colfax County show significant variation in median tax bills, with Angel Fire having the highest at $2,354 and Gladstone the lowest at $209. Being aware of these valuation processes in Colfax County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Colfax County, New Mexico
Source: Ownwell
$38,745
$144,339
$249,932
Average Colfax County Assessed Value
$80,911
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Colfax County, New Mexico
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Angel Fire | $65,475 | $119,985 | $249,902 | $366,108 | $510,636 |
| Cimarron | $7,649 | $18,376 | $49,630 | $84,516 | $136,274 |
| Eagle Nest | $16,941 | $40,072 | $73,057 | $138,821 | $238,748 |
| Gladstone | N/A | N/A | N/A | N/A | N/A |
| Maxwell | $4,348 | $14,652 | $38,528 | $67,164 | $107,273 |
| Miami | $27,651 | $55,521 | $67,816 | $145,983 | $180,814 |
| Raton | $10,060 | $32,179 | $60,938 | $99,867 | $160,065 |
| Springer | $8,293 | $24,528 | $45,138 | $66,841 | $92,799 |
| Ute Park | $31,944 | $56,132 | $80,869 | $121,792 | $189,305 |
Source: Ownwell
Property Tax Bills Across Colfax County, New Mexico
In Colfax County, NM, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor's office. The assessed value is a percentage of the property's market value, and this percentage can vary. Homeowners then apply the local tax rate to this assessed value to determine their annual tax bill. Several factors influence the tax bill, including the property's location, size, and condition. For instance, the median home price in Colfax County is $80,911. Tax bills can vary significantly, with the 25th percentile paying around $291 annually and the 75th percentile paying approximately $1,398. More affluent homeowners, such as those in Angel Fire, face higher median tax bills, reaching up to $2,354, while those in Gladstone enjoy much lower bills at $209. These tax obligations impact homeowners by affecting their monthly housing costs, potentially influencing decisions about property improvements, sales, and long-term financial planning. Compared to the national median property tax rate of 0.99%, Colfax County's rates offer a relatively affordable property tax environment.
Average Colfax County Tax Bill
$615
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Colfax County, New Mexico
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Angel Fire | $603 | $1,011 | $2,354 | $3,502 | $4,893 |
| Cimarron | $54 | $136 | $399 | $695 | $1,106 |
| Eagle Nest | $104 | $264 | $492 | $957 | $1,717 |
| Gladstone | N/A | N/A | N/A | N/A | N/A |
| Maxwell | $38 | $119 | $347 | $617 | $906 |
| Miami | $192 | $387 | $551 | $1,125 | $1,460 |
| Raton | $54 | $205 | $420 | $687 | $1,053 |
| Springer | $47 | $198 | $411 | $620 | $915 |
| Ute Park | $212 | $376 | $543 | $818 | $1,271 |
Source: Ownwell