Santo Tomas, New Mexico Property Taxes
The median property tax rate in Santo Tomas, NM is 0.98%, which is just below the national median of 0.99% but higher than the New Mexico state median of 0.86%. With the median home value in Santo Tomas at $138,923, the typical annual property tax bill is $1,355, significantly lower than the national median of $2,690. Property taxes in Santo Tomas are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Santo Tomas'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 Santo Tomas 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
Santo Tomas, 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 Santo Tomas Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers an easy way to estimate their annual property taxes in Santo Tomas using just two data points. Simply input your property's estimated assessed value, and the calculator will apply the median tax rate in Santo Tomas to provide an estimated property tax bill. This useful tool helps you understand your potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Santo Tomas, New Mexico
Property taxes in Santo Tomas, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Santo Tomas is 0.71%, lower than both the New Mexico state median of 0.55% and the U.S. national median of 0.99%. Local government entities within Santo Tomas set these rates annually, and they can vary significantly across different neighborhoods. Each year, Santo Tomas 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 Santo Tomas's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87544 zip code has the highest median property tax rate of 0.55%, while the 87001 zip code has the lowest median tax rate of 0.32%. Understanding how these cities compare with Santo Tomas 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 Santo Tomas Tax Rate
0.98%
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 Santo Tomas, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88044 | 0.96% | 0.97% | 0.98% | 1.15% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Santo Tomas, New Mexico
In Santo Tomas, 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'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 Santo Tomas, 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 Santo Tomas helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Santo Tomas is $138,923, with tax bills ranging from $1,181 at the 25th percentile to $2,366 at the 90th percentile. Notably, the highest and lowest median tax bills are both $1,355 in the 88044 zip code.
Average Santo Tomas Assessed Value
$138,923
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 Santo Tomas, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88044 | $111,644 | $121,874 | $138,923 | $168,114 | $185,629 |
Source: Ownwell
Property Tax Bills Across Santo Tomas, New Mexico
In Santo Tomas, located in Doa Ana County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in this area is $138,923. Property taxes are influenced by various factors, including the property's location, size, and market value. Homeowners in Santo Tomas typically see tax bills ranging from $1,181 at the 25th percentile to $1,987 at the 75th percentile, with the 90th percentile reaching up to $2,366. Comparatively, the median property tax rate in Santo Tomas is higher than the national median of 0.99%. This higher tax rate can impact homeowners by increasing their annual financial obligations. Understanding these factors is crucial for homeowners to anticipate their property tax bills and manage their budgets effectively. The highest and lowest median tax bills in the county are both recorded at $1,355 in the 88044 zip code, highlighting some consistency in tax burdens within the region.
Average Santo Tomas Tax Bill
$1,355
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 Santo Tomas, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88044 | $1,077 | $1,181 | $1,355 | $1,987 | $2,366 |
Source: Ownwell