Wagon Mound, New Mexico Property Taxes
The median property tax rate in Wagon Mound, NM is 0.79%, 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 Wagon Mound at $46,599, the typical annual property tax bill is $348, well below the national median of $2,690. Property taxes in Wagon Mound are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Wagon Mound'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 Wagon Mound 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
Wagon Mound, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$368
$342
Ownwell’s Wagon Mound Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wagon Mound with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wagon Mound 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 Wagon Mound, New Mexico
Property taxes in Wagon Mound, NM, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wagon Mound is 0.79%, lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Wagon Mound set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wagon Mound 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 Wagon Mound's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87752 zip code has both the highest and lowest median property tax rate of 0.79%. Understanding how these cities compare with Wagon Mound 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 Wagon Mound Tax Rate
0.79%
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 Wagon Mound, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87752 | 0.64% | 0.71% | 0.79% | 0.85% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Wagon Mound, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wagon Mound, 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 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 Wagon Mound, 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. For example, the highest median tax bill in the area is $348 in the 87752 zip code. 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 Wagon Mound helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wagon Mound Assessed Value
$46,599
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 Wagon Mound, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87752 | $10,813 | $29,336 | $46,599 | $72,011 | $137,426 |
Source: Ownwell
Property Tax Bills Across Wagon Mound, New Mexico
In Wagon Mound, located in Mora County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The median home price in the area is $46,599. Property tax rates in Wagon Mound are relatively low compared to the national median property tax rate of 0.99%. The tax bill for homeowners in Wagon Mound varies, with the 25th percentile tax bill at $217 and the 75th percentile at $523. At the higher end, the 90th percentile tax bill reaches $985. These figures illustrate the range of property tax expenses homeowners might encounter, reflecting differences in property values and assessed rates. For homeowners, this means that property taxes are a manageable expense, especially when compared to national averages. The highest and lowest median tax bill in the area is $348, indicating a relatively stable and predictable property tax environment. This stability can provide peace of mind for homeowners budgeting for annual expenses.
Average Wagon Mound Tax Bill
$348
Average Mora County Tax Bill
$365
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Wagon Mound, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87752 | $87 | $217 | $348 | $523 | $985 |
Source: Ownwell