Raton, New Mexico Property Taxes
The median property tax rate in Raton, NM is 0.76%, noticeably lower than the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Raton, the typical annual property tax bill amounts to $420, significantly below the national median of $2,690. Property taxes in Raton 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 Raton'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 Raton 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
Raton, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$463
Ownwell’s Raton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Raton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Raton 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 Raton, New Mexico
Property taxes in Raton, 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 Raton is 0.76%, lower than the U.S. national median of 0.99%. Local government entities within Raton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Raton 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 Raton's effective property tax rate to other areas in New Mexico and the national median. For comparison, the 87710 zip code has the highest median property tax rate of 0.80%, while the 87718 zip code has the lowest median tax rate of 0.67%. Understanding how these cities compare with Raton 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 Raton Tax Rate
0.76%
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 Raton, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87710 | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
| 87718 | 0.67% | 0.67% | 0.67% | 0.67% | 0.67% |
| 87740 | 0.52% | 0.62% | 0.76% | 0.76% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Raton, New Mexico
In Raton, 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 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 Raton, 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. The highest median tax bill in Raton is $596 in the 87718 zip code, while the lowest median tax bill is $420 in the 87740 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 Raton Assessed Value
$60,938
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 Raton, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87710 | $5,587 | $5,587 | $5,587 | $5,587 | $5,587 |
| 87718 | $88,856 | $88,856 | $88,856 | $88,856 | $88,856 |
| 87740 | $10,070 | $32,184 | $60,938 | $99,881 | $160,072 |
Source: Ownwell
Property Tax Bills Across Raton, New Mexico
In Raton, located in Colfax County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the property's location, size, and condition, as well as recent sales of comparable properties in the area. For homeowners in Raton, the median home price is $60,938, and property tax bills can vary significantly. For example, the 25th percentile tax bill is $205, while the 75th percentile tax bill reaches $687, and the 90th percentile tax bill is $1,053. These property taxes fund essential local services, such as schools, emergency services, and infrastructure maintenance. Homeowners in Raton benefit from relatively moderate property tax rates compared to the national median of 0.99%, ensuring that their contributions support community well-being while remaining manageable.
Average Raton Tax Bill
$420
Average Colfax County Tax Bill
$615
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Raton, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87710 | $45 | $45 | $45 | $45 | $45 |
| 87718 | $596 | $596 | $596 | $596 | $596 |
| 87740 | $54 | $205 | $420 | $687 | $1,053 |
Source: Ownwell