Buena Vista, New Mexico Property Taxes
The median property tax rate in Buena Vista, NM is 0.55%, significantly lower than both the national median of 0.99% and New Mexico's state median of 0.86%. With the median home value in Buena Vista at $137,055, the typical annual property tax bill is $753, which is well below the national median of $2,690. Property taxes in Buena Vista are calculated based on the assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Buena Vista'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 Buena Vista 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
Buena Vista, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$754
$700
Ownwell’s Buena Vista Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Buena Vista with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Buena Vista 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 Buena Vista, New Mexico
Property taxes in Buena Vista, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Buena Vista is 0.55%, which is lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Buena Vista set these rates annually, and they can vary significantly across different neighborhoods. Each year, Buena Vista 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 Buena Vista's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87712 zip code has both the highest and lowest median property tax rate of 0.55%. Understanding how these cities compare with Buena Vista provides valuable insights into the varying tax landscape across Mora County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buena Vista Tax Rate
0.55%
Average Mora County Tax Rate
0.58%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buena Vista, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87712 | 0.32% | 0.46% | 0.55% | 0.57% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Buena Vista, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Buena Vista, NM. 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 Mora 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 Buena Vista, 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. Buena Vista has a median home price of $137,055, and the tax bill varies, with the 25th percentile at $562 and the 75th percentile at $803. The highest and lowest median tax bills are both $753, found in zip code 87712. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Buena Vista Assessed Value
$137,055
Average Mora County Assessed Value
$61,740
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buena Vista, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87712 | $57,061 | $103,971 | $137,055 | $145,935 | $149,278 |
Source: Ownwell
Property Tax Bills Across Buena Vista, New Mexico
Property tax bills in Buena Vista, located in Mora County, NM, are calculated based on the assessed value of a property. The assessed value is determined by the county assessor and reflects a percentage of the property's market value. For homeowners in Buena Vista, the median home price stands at $137,055. The property tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including property location, market conditions, and local government budgets. In Buena Vista, tax bills can vary significantly; for example, the 25th percentile tax bill is $562, while the 75th percentile tax bill is $803. The 90th percentile tax bill reaches up to $852, indicating that higher-valued properties incur higher taxes. These tax bills impact homeowners by contributing to the cost of owning a property. Compared to the national median property tax rate of 0.99%, homeowners in Buena Vista experience a relatively moderate tax burden, providing a balanced environment for property investment and ownership.
Average Buena Vista Tax Bill
$753
Average Mora County Tax Bill
$365
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Buena Vista, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87712 | $261 | $562 | $753 | $803 | $852 |
Source: Ownwell