Chamisal, New Mexico Property Taxes
The median property tax rate in Chamisal, NM is 0.69%, notably lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Chamisal at $27,406, the typical annual property tax bill amounts to $187, which is significantly below the national median of $2,690. Property taxes in Chamisal are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Chamisal's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to considerable annual savings. Whether you're in the heart of Chamisal 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
Chamisal, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$189
$175
Ownwell’s Chamisal Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chamisal with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chamisal 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 Chamisal, New Mexico
Property taxes in Chamisal, 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 Chamisal is 0.69%, which is lower than the U.S. national median of 0.99%. Local government entities within Chamisal set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chamisal 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 Chamisal's effective property tax rate to other areas in New Mexico and the national median. For comparison, the 87521 zip code has both the highest and lowest median property tax rate of 0.69%. Understanding how these areas compare with Chamisal 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 Chamisal Tax Rate
0.69%
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 Chamisal, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87521 | 0.42% | 0.59% | 0.69% | 0.73% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Chamisal, New Mexico
In Chamisal, 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 Assessor's Office 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 Chamisal, 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. The median home price in Chamisal is $27,406, with tax bills ranging from $113 at the 25th percentile to $528 at the 90th percentile. Understanding these valuation concepts helps property owners better navigate their tax responsibilities and comprehend how their property taxes are determined. This awareness is essential for identifying opportunities to protest assessments or apply for exemptions to effectively manage the tax burden.
Average Chamisal Assessed Value
$27,406
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 Chamisal, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87521 | $1,289 | $16,312 | $27,406 | $39,803 | $71,485 |
Source: Ownwell
Property Tax Bills Across Chamisal, New Mexico
In Chamisal, located in Rio Arriba County, NM, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Chamisal is $27,406, and the property tax rate is applied to this assessed value to determine the tax bill. Factors such as property improvements, location, and market conditions can influence the assessed value. Homeowners in Chamisal pay a range of property tax bills, with the 25th percentile at $113 and the 75th percentile at $327. The 90th percentile tax bill can go up to $528, reflecting higher-valued properties or those with significant improvements. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for Chamisal residents.
Average Chamisal Tax Bill
$187
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 Chamisal, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87521 | $68 | $113 | $187 | $327 | $528 |
Source: Ownwell