Thoreau, New Mexico Property Taxes
The median property tax rate in Thoreau, NM is 0.99%, matching the national median but higher than the New Mexico state median of 0.86%. With a median home value of $81,490, the typical annual property tax bill in Thoreau is $769, significantly lower than the national median of $2,690. Property taxes in Thoreau are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Thoreau'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 Thoreau or another part of McKinley County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Thoreau, 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 Thoreau Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thoreau with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thoreau 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 McKinley County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Thoreau, New Mexico
Property taxes in Thoreau, 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 Thoreau is 0.99%, which aligns with the U.S. national median of 0.99%. Local government entities within Thoreau set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thoreau 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 Thoreau's effective property tax rate to other areas in McKinley County and the national median. For comparison, the 87323 zip code has both the highest and lowest median property tax rate of 0.99%. Understanding how these areas compare with Thoreau 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 Thoreau 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 Thoreau, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87323 | 0.60% | 0.93% | 0.99% | 0.99% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Thoreau, New Mexico
In Thoreau, 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 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 Thoreau, 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 Thoreau helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Thoreau is $81,490, with tax bills ranging from $311 at the 25th percentile to $1,632 at the 90th percentile. The highest and lowest median tax bills are both $769, found in the 87323 zip code.
Average Thoreau Assessed Value
$81,490
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 Thoreau, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87323 | $17,289 | $38,445 | $81,490 | $126,820 | $170,416 |
Source: Ownwell
Property Tax Bills Across Thoreau, New Mexico
In Thoreau, located in McKinley County, NM, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Thoreau is $81,490. Property tax rates in Thoreau are applied to this assessed value to determine the annual tax bill. Homeowners in the 25th percentile typically see tax bills around $311, while those in the 75th percentile pay approximately $1,179. For those in the 90th percentile, tax bills can reach up to $1,632. Factors such as property location, home improvements, and local government budgets influence the assessed value and, consequently, the tax bill. Compared to the national median property tax rate of 0.99%, Thoreau's rates are relatively moderate. This can be a significant consideration for homeowners, as property taxes directly impact the affordability of owning a home. Understanding these factors can help homeowners better anticipate their annual expenses and plan their finances accordingly.
Average Thoreau Tax Bill
$769
Average Mckinley County Tax Bill
$899
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Thoreau, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87323 | $119 | $311 | $769 | $1,179 | $1,632 |
Source: Ownwell