Ute Park, Colfax County, New Mexico Property Taxes
The median property tax rate in Ute Park, NM is 0.67%, which is considerably lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Ute Park, the typical annual property tax bill reaches $543, significantly below the national median of $2,690. Property taxes in Ute Park are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Ute Park's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Ute Park or another part of Colfax County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ute Park, Colfax County, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.67%
Estimate Property Tax Bill
$542
$503
Ownwell’s Ute Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ute Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ute Park 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 Ute Park, Colfax County, New Mexico
Property taxes in Ute Park, 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 Ute Park is 0.67%, lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Ute Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ute Park 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 Ute Park's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 87749 has the highest median property tax rate of 0.67%, while the same zip code also has the lowest median tax rate of 0.67%. Understanding how these areas compare with Ute Park 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 Ute Park Tax Rate
0.67%
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 Ute Park, Colfax County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87749 | 0.67% | 0.67% | 0.67% | 0.67% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across Ute Park, Colfax County, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Ute Park, New Mexico. 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 Ute Park, 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 median home price in Ute Park is $80,869, with tax bills ranging from $376 at the 25th percentile to $1,271 at the 90th percentile. Being aware of these valuation processes in Ute Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Ute Park, Colfax County, New Mexico
Source: Ownwell
$38,745
$144,339
$249,932
Average Ute Park Assessed Value
$80,869
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 Ute Park, Colfax County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87749 | $31,944 | $56,132 | $80,869 | $121,792 | $189,305 |
Source: Ownwell
Property Tax Bills Across Ute Park, Colfax County, New Mexico
In Ute Park, located in Colfax County, NM, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Ute Park is $80,869. The tax rate in this region is applied to the assessed value of the property to determine the annual tax bill. Factors such as property size, location, and market conditions can influence the assessed value. For homeowners in Ute Park, the tax bill can vary significantly. The 25th percentile tax bill is $376, while the 75th percentile tax bill is $818, and at the 90th percentile, it reaches $1,271. The highest median tax bill recorded in the region is $543, which is also the lowest, indicating a consistent median across different properties. Compared to the national median property tax rate of 0.99%, Ute Park's property tax bills can be considered relatively moderate, providing some financial relief for homeowners. However, understanding the factors that influence these taxes can help homeowners better anticipate their annual obligations.
Average Ute Park Tax Bill
$543
Average Colfax County Tax Bill
$615
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Ute Park, Colfax County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87749 | $212 | $376 | $543 | $818 | $1,271 |
Source: Ownwell