Continental Divide, New Mexico Property Taxes
The median property tax rate in Continental Divide, NM is 0.99%, aligning with the national median of 0.99% but higher than New Mexico's state median of 0.86%. With a median home value of $71,820, the typical annual property tax bill in Continental Divide amounts to $767, which is significantly lower than the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which is often less than the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Continental Divide'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 Continental Divide 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
Continental Divide, New Mexico Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,720
Ownwell’s Continental Divide Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Continental Divide with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Continental Divide 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 Continental Divide, New Mexico
Property taxes in Continental Divide, 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 Continental Divide is 0.99%, aligning with the U.S. national median of 0.99%. Local government entities within Continental Divide set these rates annually, and they can vary significantly across different neighborhoods. Each year, Continental Divide 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 Continental Divide's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87312 zip code has the highest median property tax rate of 0.99%, while the 87312 zip code also has the lowest median tax rate of 0.99%. Understanding how these areas compare with Continental Divide provides valuable insights into the varying tax landscape across McKinley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Continental Divide Tax Rate
0.99%
Average Mckinley County Tax Rate
1.20%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Continental Divide, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87312 | 0.85% | 0.95% | 0.99% | 0.99% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Continental Divide, New Mexico
In Continental Divide, 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 McKinley 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 Continental Divide, 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 Continental Divide 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 $767 in zip code 87312, which is also the lowest, highlighting the uniformity in tax bills across the region.
Property Tax Assessment Values Across Continental Divide, New Mexico
Source: Ownwell
$12,560
$187,195
$361,830
Average Continental Divide Assessed Value
$71,820
Average Mckinley County Assessed Value
$79,030
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Continental Divide, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87312 | $20,270 | $46,990 | $71,820 | $133,006 | $192,474 |
Source: Ownwell
Property Tax Bills Across Continental Divide, New Mexico
Property tax bills in Continental Divide, located in McKinley County, NM, are calculated based on the assessed value of the property. The assessed value is determined by local assessors who evaluate the market value of the property and then apply an assessment ratio. Homeowners in this region can expect their tax bills to vary significantly. For example, the tax bill at the 25th percentile is $433, while at the 75th percentile, it rises to $1268. At the 90th percentile, homeowners might see bills as high as $1830. These tax rates are influenced by various factors, including property size, location, and market conditions. With a median home price of $71,820, property taxes in Continental Divide are relatively modest compared to the national median property tax rate of 0.99%. This can have a substantial impact on homeowners, as lower property taxes can make homeownership more affordable and influence decisions regarding property investments and long-term residency.
Average Continental Divide Tax Bill
$767
Average Mckinley County Tax Bill
$899
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Continental Divide, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87312 | $164 | $433 | $767 | $1,268 | $1,830 |
Source: Ownwell