San Lorenzo, Grant County, New Mexico Property Taxes
The median property tax rate in San Lorenzo, NM is 0.65%, which is notably lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in San Lorenzo at $58,602, the typical annual property tax bill amounts to $398, significantly less than the national median of $2,690. Property taxes in San Lorenzo are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding San Lorenzo'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 Lorenzo 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 Lorenzo, Grant County, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$381
$353
Ownwell’s SAN LORENZO Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SAN LORENZO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SAN LORENZO 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 Lorenzo, Grant County, New Mexico
Property taxes in San Lorenzo, New Mexico, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in San Lorenzo is 0.65%, which is lower than the U.S. national median of 0.99%. Local government entities within San Lorenzo set these rates annually, and they can vary significantly across different neighborhoods. Each year, San Lorenzo 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 Lorenzo's effective property tax rate to other areas in New Mexico and the national median. For comparison, the zip code 88041 has both the highest and lowest median property tax rate of 0.65%, which matches San Lorenzo's rate. Understanding how these areas compare with San Lorenzo 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 San Lorenzo Tax Rate
0.65%
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 San Lorenzo, Grant County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88041 | 0.57% | 0.65% | 0.65% | 0.67% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across San Lorenzo, Grant County, New Mexico
In San Lorenzo, 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 San Lorenzo, 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 San Lorenzo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 88041, with a median tax bill of $398.
Property Tax Assessment Values Across San Lorenzo, Grant County, New Mexico
Source: Ownwell
$10,985
$65,642
$120,298
Average San Lorenzo Assessed Value
$58,602
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 San Lorenzo, Grant County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88041 | $3,000 | $16,943 | $58,602 | $142,949 | $257,068 |
Source: Ownwell
Property Tax Bills Across San Lorenzo, Grant County, New Mexico
In San Lorenzo, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value typically reflects a percentage of the property's market value. Various factors such as the property's size, location, and condition are considered in this assessment. For homeowners in San Lorenzo, the median home price stands at $58,602, which is considerably lower than the national median. The property tax rate in this region affects how much homeowners pay annually. For instance, the 25th percentile tax bill is around $115, while at the 75th percentile, it rises to $936. At the 90th percentile, homeowners might see tax bills as high as $1,701. This range indicates that while some homeowners might enjoy relatively low property taxes, others could face significantly higher bills depending on their property's assessed value. These taxes fund essential public services, impacting the overall quality of life in the community.
Average San Lorenzo Tax Bill
$398
Average Grant County Tax Bill
$356
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across San Lorenzo, Grant County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88041 | $20 | $115 | $398 | $936 | $1,701 |
Source: Ownwell