Redrock, New Mexico Property Taxes
The median property tax rate in Redrock, NM is 0.53%, significantly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With a median home value of $82,362 in Redrock, the typical annual property tax bill is $427, well below the national median of $2,690. Property taxes in Redrock are determined based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding the property tax system in Redrock, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Redrock or elsewhere in the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Redrock, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$437
$405
Ownwell’s Redrock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Redrock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Redrock 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 Redrock, New Mexico
Property taxes in Redrock, New Mexico, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Redrock is 0.53%, which is lower than the U.S. national median of 0.99%. Local government entities within Redrock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Redrock 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 Redrock's effective property tax rate to other areas in New Mexico and the national median. For comparison, the 88055 zip code has the highest median property tax rate of 0.53%, while the same zip code also has the lowest median tax rate of 0.53%. Understanding how these areas compare with Redrock 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 Redrock Tax Rate
0.53%
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 Redrock, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88055 | 0.45% | 0.50% | 0.53% | 0.55% | 0.64% |
Source: Ownwell
Property Tax Assessment Values Across Redrock, New Mexico
In Redrock, 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'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 Redrock, 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 Redrock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $427 in the 88055 zip code, while the lowest is also $427 in the same zip code.
Average Redrock Assessed Value
$82,362
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 Redrock, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88055 | $8,658 | $27,226 | $82,362 | $189,826 | $263,298 |
Source: Ownwell
Property Tax Bills Across Redrock, New Mexico
Property tax bills in Redrock, located in Grant County, NM, are calculated based on the assessed value of your property and the local tax rate. The assessed value is determined by the county assessor and is typically a percentage of the property's market value. In Redrock, the median home price stands at $82,362. This value is then multiplied by the local tax rate to arrive at your annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. For example, the 25th percentile tax bill in Redrock is $118, while the 75th percentile tax bill is $933, and the 90th percentile tax bill reaches up to $1,422. These variations highlight how different factors can significantly impact the amount homeowners are required to pay. Understanding how property tax bills are calculated helps homeowners plan their finances better. Compared to the national median property tax rate of 0.99%, Redrock offers a relatively affordable tax environment, making it an attractive option for potential homeowners.
Average Redrock Tax Bill
$427
Average Grant County Tax Bill
$356
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Redrock, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88055 | $42 | $118 | $427 | $933 | $1,422 |
Source: Ownwell