Radium Springs, New Mexico Property Taxes
The median property tax rate in Radium Springs, NM is 0.78%, lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With a median home value of $88,431, the typical annual property tax bill in Radium Springs is $678, significantly below the national median of $2,690. Property taxes here are calculated based on the assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Radium Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Radium Springs 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
Radium Springs, New Mexico Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,720
Ownwell’s Radium Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Radium Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Radium Springs 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 Radium Springs, New Mexico
Property taxes in Radium Springs, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Radium Springs is 0.78%, lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Radium Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Radium Springs 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 Radium Springs' effective property tax rate to other areas in New Mexico and the national median. For comparison, the zip code 88054 has both the highest and lowest median property tax rate of 0.78%. Understanding how these areas compare with Radium Springs provides valuable insights into the varying tax landscape across Doña Ana County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Radium Springs Tax Rate
0.78%
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 Radium Springs, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88054 | 0.67% | 0.75% | 0.78% | 0.78% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Radium Springs, New Mexico
In Radium Springs, 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 Doña Ana 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 Radium Springs, 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. For instance, the zip code with the highest median tax bill in Radium Springs is 88054, with a median tax bill of $678. By being aware of these valuation processes, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Radium Springs, New Mexico
Source: Ownwell
$5,000
$270,963
$536,925
Average Radium Springs Assessed Value
$88,431
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 Radium Springs, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88054 | $23,906 | $38,000 | $88,431 | $152,522 | $272,249 |
Source: Ownwell
Property Tax Bills Across Radium Springs, New Mexico
In Radium Springs, Doña Ana County, NM, property tax bills are determined by a combination of the assessed value of the property and the local tax rate. The assessed value is a percentage of the market value of the home, which in Radium Springs has a median home price of $88,431. The local tax rate is then applied to this assessed value to calculate the annual tax bill. For example, homeowners in Radium Springs can expect a median property tax bill of $678, which is significantly lower than the national median property tax rate of 0.99%. However, tax bills can vary widely; the 25th percentile tax bill is around $297, while the 75th percentile reaches $1,187, and the 90th percentile can go up to $2,108. These variations depend on factors such as property improvements, exemptions, and changes in market value. Understanding these factors can help homeowners better anticipate their annual property tax liabilities and manage their financial planning accordingly.
Average Radium Springs Tax Bill
$678
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 Radium Springs, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88054 | $164 | $297 | $678 | $1,187 | $2,108 |
Source: Ownwell