San Miguel, New Mexico Property Taxes
The median property tax rate in San Miguel, NM, is 1.02%, slightly above the national median of 0.99% and notably higher than the New Mexico state median of 0.86%. With a median home value of $79,618 in San Miguel, the typical annual property tax bill amounts to $754, which is significantly lower than the national median of $2,690. Property taxes in San Miguel are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Grasping the intricacies of San Miguel'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 San Miguel 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
San Miguel, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$812
$754
Ownwell’s SAN MIGUEL Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SAN MIGUEL with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SAN MIGUEL 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 San Miguel, New Mexico
Property taxes in SAN MIGUEL, New Mexico, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in SAN MIGUEL is 0.55%, notably lower than both the New Mexico state median of 0.55% and the U.S. national median of 0.99%. Local government entities within SAN MIGUEL set these rates annually, and they can vary significantly across different neighborhoods. Each year, SAN MIGUEL 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 SAN MIGUEL's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87565 zip code has the highest median property tax rate of 0.55%, while the 87565 zip code also has the lowest median tax rate of 0.55%. Understanding how these cities compare with SAN MIGUEL provides valuable insights into the varying tax landscape across 35013, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average San Miguel Tax Rate
1.02%
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 San Miguel, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88058 | 0.86% | 0.95% | 1.02% | 1.02% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across San Miguel, New Mexico
In San Miguel, 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 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 San Miguel, 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. The median home price in San Miguel is $79,618, with annual tax bills ranging from $327 at the 25th percentile to $1,731 at the 90th percentile. The zip code with the highest and lowest median tax bill is 88058, both at $754. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average San Miguel Assessed Value
$79,618
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 San Miguel, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88058 | $21,834 | $37,551 | $79,618 | $112,419 | $173,844 |
Source: Ownwell
Property Tax Bills Across San Miguel, New Mexico
In San Miguel, NM, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. Property tax rates in San Miguel are applied to this assessed value to determine the tax bill. Factors such as property improvements, location, and market trends can influence the assessed value. For homeowners in San Miguel, the median home price is $79,618. The property tax bill at the 25th percentile is $327, while at the 75th percentile, it rises to $1,090, and at the 90th percentile, it reaches $1,731. This means that while some homeowners may pay relatively low property taxes, others could see significantly higher bills depending on their property's assessed value. Comparing to the national median property tax rate of 0.99%, San Miguel's property tax bills can vary widely, impacting homeowners differently based on their specific circumstances.
Average San Miguel Tax Bill
$754
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 San Miguel, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88058 | $204 | $327 | $754 | $1,090 | $1,731 |
Source: Ownwell