Canjilon, New Mexico Property Taxes
The median property tax rate in Canjilon, NM is 0.75%, 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 Canjilon, the typical annual property tax bill is $103, significantly below the national median of $2,690. Property taxes in Canjilon 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 Canjilon'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 Canjilon 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
Canjilon, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$99
$92
Ownwell’s Canjilon Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Canjilon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Canjilon 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 Rio Arriba County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Canjilon, New Mexico
Property taxes in Canjilon, New Mexico, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Canjilon is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Canjilon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Canjilon 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 Canjilon's effective property tax rate to other areas in New Mexico and the national median. For comparison, the zip code 87515 has the highest median property tax rate of 0.75%, while the same zip code also has the lowest median tax rate of 0.75%. Understanding how these areas compare with Canjilon provides valuable insights into the varying tax landscape across Rio Arriba County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Canjilon Tax Rate
0.75%
Average Rio Arriba County Tax Rate
0.79%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Canjilon, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87515 | 0.40% | 0.68% | 0.75% | 0.75% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Canjilon, New Mexico
In Canjilon, 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 Rio Arriba 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 Canjilon, 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 Canjilon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 87515 has the highest and lowest median tax bill, both at $103.
Average Canjilon Assessed Value
$13,197
Average Rio Arriba County Assessed Value
$17,854
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Canjilon, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87515 | $4,057 | $8,334 | $13,197 | $33,376 | $76,038 |
Source: Ownwell
Property Tax Bills Across Canjilon, New Mexico
In Canjilon, Rio Arriba County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. Homeowners in Canjilon can expect their property tax bills to vary significantly. For example, the tax bill at the 25th percentile is $66, while at the 75th percentile, it jumps to $291. At the 90th percentile, homeowners might see a tax bill as high as $574. Several factors influence the property tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. These taxes fund essential local services like schools, public safety, and infrastructure. The median home price in Canjilon is $13,197, which is relatively low compared to national figures. Consequently, even though the tax rates might seem reasonable, they represent a significant expense for homeowners relative to their property's value. Understanding these factors can help homeowners in Canjilon better anticipate and manage their annual property tax obligations.
Average Canjilon Tax Bill
$103
Average Rio Arriba County Tax Bill
$215
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Canjilon, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87515 | $38 | $66 | $103 | $291 | $574 |
Source: Ownwell