Navajo, New Mexico Property Taxes
The median property tax rate in Navajo, NM is 0.98%, slightly lower than the national median of 0.99% but higher than the New Mexico state median of 0.86%. With a median home value of $186,332 in Navajo, the typical annual property tax bill amounts to $1,569, which is below the national median of $2,690. Property taxes in Navajo are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Navajo'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 Navajo 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
Navajo, 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 Navajo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Navajo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Navajo 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 Navajo, New Mexico
Property taxes in Navajo, 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 Navajo is 0.98%, slightly below the U.S. national median of 0.99%. Local government entities within Navajo set these rates annually, and they can vary across different neighborhoods. Each year, Navajo 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 Navajo's effective property tax rate to other areas in McKinley County and the national median. For comparison, the ZIP code 87328 has both the highest and lowest median property tax rate of 0.98%. Understanding how these figures compare with Navajo 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 Navajo Tax Rate
0.98%
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 Navajo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87328 | 0.79% | 0.96% | 0.98% | 0.98% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Navajo, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Navajo, New Mexico. 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 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 Navajo, 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. The median home price in the area stands at $186,332, with tax bills ranging from $1,132 at the 25th percentile to $2,313 at the 90th percentile. 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 Navajo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Navajo Assessed Value
$186,332
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 Navajo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87328 | $91,564 | $135,823 | $186,332 | $211,790 | $242,233 |
Source: Ownwell
Property Tax Bills Across Navajo, New Mexico
In Navajo, located in McKinley County, NM, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and reflects a percentage of the property's market value. For homeowners in Navajo, the median home price stands at $186,332. The property tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the property tax bill, including the market value of the home, local tax rates, and any applicable exemptions. For instance, homeowners in the 25th percentile can expect an annual tax bill of around $1,132, while those in the 75th percentile might face a bill of approximately $1,965. At the 90th percentile, the tax bill can go up to $2,313. These property taxes significantly impact homeowners by contributing to local services such as schools, public safety, and infrastructure. Comparing this to the national median property tax rate of 0.99%, Navajo's property tax rates provide a crucial revenue stream for the community while reflecting the value of local real estate.
Average Navajo Tax Bill
$1,569
Average Mckinley County Tax Bill
$899
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Navajo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87328 | $831 | $1,132 | $1,569 | $1,965 | $2,313 |
Source: Ownwell