Placitas, New Mexico Property Taxes
The median property tax rate in Placitas, NM is 0.92%, 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 Placitas, the typical annual property tax bill reaches $67, significantly lower than the national median of $2,690. Property taxes in Placitas are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Placitas'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 Placitas 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
Placitas, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$94
$87
Ownwell’s Placitas Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Placitas with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Placitas 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 Placitas, New Mexico
Property taxes in Placitas, 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 Placitas is 0.92%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Placitas set these rates annually, and they can vary significantly across different neighborhoods. Each year, Placitas 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 Placitas's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87043 zip code has both the highest and lowest median property tax rate of 0.92%. Understanding how these cities compare with Placitas provides valuable insights into the varying tax landscape across Sandoval County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Placitas Tax Rate
0.92%
Average Doaana County Tax Rate
1.02%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Placitas, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87043 | 0.51% | 0.76% | 0.92% | 0.92% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Placitas, New Mexico
In Placitas, 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 Sandoval County Assessor 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 Placitas, 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 Placitas helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest tax bill in Placitas is $606, while the lowest is $46, highlighting the significant variation in property tax obligations across the area.
Average Placitas Assessed Value
$10,242
Average Doaana County Assessed Value
$120,428
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Placitas, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87043 | $4,547 | $5,000 | $10,242 | $32,532 | $73,406 |
Source: Ownwell
Property Tax Bills Across Placitas, New Mexico
In Placitas, located in DoaAna County, NM, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor's office. This assessed value is a percentage of the property's market value. Homeowners in Placitas can expect their tax bills to reflect a variety of factors, including the property's location, size, and any improvements made to it. The median home price in Placitas is $10,242, which provides a baseline for understanding property tax bills in the area. For example, a homeowner at the 25th percentile might pay around $46 annually, while those at the 75th percentile could see bills around $258. At the higher end, in the 90th percentile, property tax bills can reach up to $606. These tax bills directly impact homeowners by influencing their overall housing costs. Compared to the national median property tax rate of 0.99%, Placitas offers a relatively affordable property tax environment, making it an attractive option for potential homeowners looking for lower property tax burdens.
Average Placitas Tax Bill
$67
Average Doaana County Tax Bill
$1,201
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Placitas, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87043 | $35 | $46 | $67 | $258 | $606 |
Source: Ownwell