Sacramento, Otero County, New Mexico Property Taxes
The median property tax rate in Sacramento, NM is 0.53%, significantly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Sacramento, the typical annual property tax bill reaches $386, which is well below the national median of $2,690. Property taxes in Sacramento are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Sacramento'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 Sacramento 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
Sacramento, Otero County, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$391
$363
Ownwell’s Sacramento Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sacramento with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sacramento 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 Sacramento, Otero County, New Mexico
Property taxes in Sacramento, 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 Sacramento is 0.53%, notably lower than the U.S. national median of 0.99%. Local government entities within Sacramento set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sacramento 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 Sacramento's effective property tax rate to other areas in New Mexico and the national median. For comparison, the zip code 88347 has the highest median property tax rate of 0.53%, while the same zip code also has the lowest median tax rate of 0.53%. Understanding how these areas compare with Sacramento provides valuable insights into the varying tax landscape across Otero County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sacramento Tax Rate
0.53%
Average Otero County Tax Rate
0.80%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sacramento, Otero County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88347 | 0.53% | 0.53% | 0.53% | 0.54% | 0.57% |
Source: Ownwell
Property Tax Assessment Values Across Sacramento, Otero County, New Mexico
In Sacramento, 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 Otero 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 Sacramento, 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 Sacramento helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Sacramento is $73,831, with the highest and lowest median tax bills both at $386 in the 88347 zip code. The 25th percentile tax bill is $238, while the 75th percentile tax bill is $717, and the 90th percentile tax bill is $1,288.
Property Tax Assessment Values Across Sacramento, Otero County, New Mexico
Source: Ownwell
$23,540
$96,479
$169,418
Average Sacramento Assessed Value
$73,831
Average Otero County Assessed Value
$117,358
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sacramento, Otero County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88347 | $28,383 | $43,416 | $73,831 | $117,211 | $213,510 |
Source: Ownwell
Property Tax Bills Across Sacramento, Otero County, New Mexico
In Sacramento, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. The assessed value typically reflects a percentage of the property's market value. Various factors, such as recent sales of comparable properties, improvements made to the property, and overall market conditions, are considered in this assessment. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. In Sacramento, the tax rate is influenced by the county's needs for funding public services such as schools, infrastructure, and emergency services. Homeowners in Sacramento can expect a median tax bill of $386, with the 25th percentile at $238 and the 75th percentile at $717. The highest tax bills can reach up to $1,288. Compared to the national median property tax rate of 0.99%, Sacramento's rates provide a balanced approach to funding essential services while considering homeowners' financial impact.
Average Sacramento Tax Bill
$386
Average Otero County Tax Bill
$861
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Sacramento, Otero County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88347 | $159 | $238 | $386 | $717 | $1,288 |
Source: Ownwell