Chama, New Mexico Property Taxes
The median property tax rate in Chama, NM is 0.80%, 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 Chama at $35,679, the typical annual property tax bill is $334, significantly below the national median of $2,690. Property taxes in Chama 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 Chama'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 Chama 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
Chama, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$285
$265
Ownwell’s Chama Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chama with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chama 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 Chama, New Mexico
Property taxes in Chama, New Mexico, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Chama is 0.80%, lower than the U.S. national median of 0.99%. Local government entities within Chama set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chama 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 Chama's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87520 zip code has the highest median property tax rate of 0.80%, while the same 87520 zip code also has the lowest median tax rate of 0.80%. Understanding how these areas compare with Chama 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 Chama Tax Rate
0.80%
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 Chama, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87520 | 0.59% | 0.75% | 0.80% | 0.86% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Chama, New Mexico
In Chama, 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 Chama, 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 Chama helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 87520 has the highest and lowest median tax bill at $334.
Average Chama Assessed Value
$35,679
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 Chama, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87520 | $7,071 | $15,892 | $35,679 | $87,333 | $178,713 |
Source: Ownwell
Property Tax Bills Across Chama, New Mexico
Property tax bills in Chama, Rio Arriba County, NM, are determined by assessing the market value of a property and applying the local tax rate. Homeowners in Chama experience a range of tax bills, with the 25th percentile paying around $159 and the 75th percentile paying approximately $749. For those in the 90th percentile, tax bills can reach up to $1,542. The median home price in Chama stands at $35,679, which influences the overall tax bill. The assessed value of a property, combined with the local tax rate, dictates the final tax bill. This process ensures that property taxes are proportionate to the property's market value. The median tax bill in the area is $334, which is significantly lower than the national median property tax rate of 0.99%. This relatively low tax burden can be beneficial for homeowners, making Chama an attractive place for property investment. Understanding these factors can help homeowners anticipate their annual tax obligations and manage their finances effectively.
Average Chama Tax Bill
$334
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 Chama, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87520 | $66 | $159 | $334 | $749 | $1,542 |
Source: Ownwell