Rodeo, New Mexico Property Taxes
The median property tax rate in Rodeo, NM is 0.39%, 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 $89,580 in Rodeo, the typical annual property tax bill is $347, which is well below the national median of $2,690. Property taxes in Rodeo are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Rodeo'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 Rodeo 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
Rodeo, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$349
Ownwell’s Rodeo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rodeo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rodeo 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 Rodeo, New Mexico
Property taxes in Rodeo, 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 Rodeo is 0.41%, significantly lower than both the New Mexico state median of 0.55% and the U.S. national median of 0.99%. Local government entities within Rodeo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rodeo 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 Rodeo's effective property tax rate to other counties in New Mexico and the national median. For comparison, the highest median property tax rate in the region is 0.59%, while the lowest median tax rate is 0.34%. Understanding how these cities compare with Rodeo provides valuable insights into the varying tax landscape across Hidalgo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rodeo Tax Rate
0.39%
Average Hidalgo County Tax Rate
0.62%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rodeo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88056 | 0.32% | 0.35% | 0.39% | 0.42% | 0.44% |
Source: Ownwell
Property Tax Assessment Values Across Rodeo, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Rodeo, New Mexico. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Hidalgo County Appraisal District 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 Rodeo, 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 Rodeo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 88056 has the highest and lowest median tax bill, both at $347, reflecting the range of property taxes in the area.
Average Rodeo Assessed Value
$89,580
Average Hidalgo County Assessed Value
$36,636
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rodeo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88056 | $29,083 | $41,532 | $89,580 | $146,007 | $234,547 |
Source: Ownwell
Property Tax Bills Across Rodeo, New Mexico
In Rodeo, Hidalgo County, NM, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The county assessor determines this value, and it is then multiplied by the local tax rate to compute the annual tax bill. For example, with a median home price of $89,580, homeowners can expect varying tax bills depending on their property's assessed value and applicable exemptions. Factors influencing the tax bill include the property's location, improvements, and any applicable exemptions or abatements. The tax bill can range significantly, with the 25th percentile at $162 and the 75th percentile at $578. The 90th percentile reaches up to $958, indicating that higher-valued properties incur higher taxes. Compared to the national median property tax rate of 0.99%, Rodeo's property tax bills are relatively moderate, which can be a financial relief for homeowners. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Rodeo Tax Bill
$347
Average Hidalgo County Tax Bill
$196
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Rodeo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88056 | $86 | $162 | $347 | $578 | $958 |
Source: Ownwell