San Patricio, New Mexico Property Taxes
The median property tax rate in San Patricio, NM is 0.83%, which is 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 Patricio being $75,039, the typical annual property tax bill amounts to $1,126, falling below the national median of $2,690. Property taxes in San Patricio are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding San Patricio'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 San Patricio 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 Patricio, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$623
$578
Ownwell’s SAN PATRICIO Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SAN PATRICIO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SAN PATRICIO 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 Patricio, New Mexico
Property taxes in San Patricio, New Mexico, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in San Patricio is 0.83%, which is lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within San Patricio set these rates annually, and they can vary significantly across different neighborhoods. Each year, San Patricio 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 Patricio's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 88348 zip code has the highest median property tax rate of 0.83%, while the same 88348 zip code also has the lowest median tax rate of 0.83%. Understanding how these areas compare with San Patricio provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average San Patricio Tax Rate
0.83%
Average Lincoln County Tax Rate
0.99%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across San Patricio, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88348 | 0.59% | 0.73% | 0.83% | 1.29% | 1.61% |
Source: Ownwell
Property Tax Assessment Values Across San Patricio, New Mexico
In SAN PATRICIO, 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 Lincoln 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 SAN PATRICIO, 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 PATRICIO helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 88348 has the highest median tax bill at $1126, while the same zip code also has the lowest median tax bill at $1126.
Property Tax Assessment Values Across San Patricio, New Mexico
Source: Ownwell
$30,558
$148,916
$267,273
Average San Patricio Assessed Value
$75,039
Average Lincoln County Assessed Value
$90,750
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across San Patricio, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88348 | $5,928 | $21,654 | $75,039 | $172,308 | $504,984 |
Source: Ownwell
Property Tax Bills Across San Patricio, New Mexico
Property tax bills in San Patricio, Lincoln County, NM, are calculated based on the assessed value of a property, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and market conditions influence the assessed value. In San Patricio, the median home price is $75,039, with property tax bills ranging widely. At the 25th percentile, homeowners can expect to pay about $263 annually, while those at the 75th percentile pay around $1,888. At the 90th percentile, the tax bill can be as high as $5,666. Comparatively, the highest median tax bill in the area is $1,126. For homeowners, understanding these factors is crucial as property taxes can significantly impact their annual expenses. The national median property tax rate is 0.99%, which provides a benchmark for evaluating local rates and their effects on household budgets.
Average San Patricio Tax Bill
$1,126
Average Lincoln County Tax Bill
$1,235
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across San Patricio, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88348 | $61 | $263 | $1,126 | $1,888 | $5,666 |
Source: Ownwell