Miami, New Mexico Property Taxes
The median property tax rate in Miami, NM is 0.81%, slightly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Miami being $67,816, the typical annual property tax bill reaches $551, which is significantly below the national median of $2,690. Property taxes in Miami are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Miami'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 Miami 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
Miami, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$549
$510
Ownwell’s Miami Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Miami with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Miami 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 Miami, New Mexico
Property taxes in Miami, 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 Miami is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Miami set these rates annually, and they can vary significantly across different neighborhoods. Each year, Miami 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 Miami's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87729 zip code has both the highest and lowest median property tax rate of 0.81%. Understanding how these cities compare with Miami provides valuable insights into the varying tax landscape across Colfax County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Miami Tax Rate
0.81%
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 Miami, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87729 | 0.60% | 0.74% | 0.81% | 0.82% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Miami, New Mexico
In Miami, 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 Colfax 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 Miami, 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. Miami has a median home price of $67,816, with tax bills ranging from $387 at the 25th percentile to $1,460 at the 90th percentile. Notably, the highest and lowest median tax bill is $551, found in the 87729 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Miami Assessed Value
$67,816
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 Miami, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87729 | $27,651 | $55,521 | $67,816 | $145,983 | $180,814 |
Source: Ownwell
Property Tax Bills Across Miami, New Mexico
In Miami, Colfax County, NM, property tax bills are determined by assessing the market value of a home and applying the local tax rate to this value. The median home price in Miami is $67,816, which serves as the baseline for tax calculations. The assessed value is then multiplied by the tax rate to determine the annual tax bill. Factors such as property improvements, neighborhood developments, and changes in market conditions can influence the assessed value, thereby affecting the tax bill. For homeowners in Miami, the property tax burden can vary significantly. For example, the 25th percentile tax bill is $387, while the 75th percentile reaches $1,125, and the 90th percentile can go up to $1,460. These variations highlight the impact of property values and local assessments on individual tax obligations. Compared to the national median property tax rate of 0.99%, the rates in Miami can either ease or increase the financial burden on homeowners, depending on their property's assessed value and the specific tax rate applied.
Average Miami Tax Bill
$551
Average Colfax County Tax Bill
$615
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Miami, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87729 | $192 | $387 | $551 | $1,125 | $1,460 |
Source: Ownwell