Pinos Altos, New Mexico Property Taxes
The median property tax rate in Pinos Altos, NM, is 0.50%, significantly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Pinos Altos at $96,730, the typical annual property tax bill amounts to $544, well below the national median of $2,690. Property taxes in Pinos Altos are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Pinos Altos'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 Pinos Altos or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Pinos Altos, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$484
$449
Ownwell’s Pinos Altos Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pinos Altos with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pinos Altos 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 Pinos Altos, New Mexico
Property taxes in Pinos Altos, New Mexico, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Pinos Altos is 0.50%, which is lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Pinos Altos set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pinos Altos 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 Pinos Altos's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 88053 zip code has the highest median property tax rate of 0.50%, while the 88053 zip code also has the lowest median tax rate of 0.50%. Understanding how these cities compare with Pinos Altos provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pinos Altos Tax Rate
0.50%
Average Grant County Tax Rate
0.60%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pinos Altos, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88053 | 0.47% | 0.50% | 0.50% | 0.53% | 0.57% |
Source: Ownwell
Property Tax Assessment Values Across Pinos Altos, New Mexico
In Pinos Altos, 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 Grant 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 Pinos Altos, 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 Pinos Altos is $96,730. The zip code 88053 has the highest median tax bill at $544. 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 Pinos Altos helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Pinos Altos Assessed Value
$96,730
Average Grant County Assessed Value
$54,932
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pinos Altos, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88053 | $4,560 | $19,262 | $96,730 | $175,056 | $266,894 |
Source: Ownwell
Property Tax Bills Across Pinos Altos, New Mexico
Property tax bills in Pinos Altos, located in Grant County, NM, are determined based on the assessed value of the property and the applicable tax rate. The assessed value is a percentage of the property's market value, which is then multiplied by the local tax rate to calculate the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Pinos Altos experience a range of property tax bills. The 25th percentile tax bill is $97, while the 75th percentile tax bill is $906, and the 90th percentile tax bill reaches $1,384. The median home price in the area is $96,730. Compared to the national median property tax rate of 0.99%, the tax rates in Pinos Altos can lead to relatively affordable property tax bills for many homeowners. Understanding these factors helps homeowners anticipate their annual property tax obligations and manage their finances more effectively.
Average Pinos Altos Tax Bill
$544
Average Grant County Tax Bill
$356
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Pinos Altos, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88053 | $24 | $97 | $544 | $906 | $1,384 |
Source: Ownwell