Chimayo, New Mexico Property Taxes
The median property tax rate in Chimayo, 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 Chimayo at $21,156, the typical annual property tax bill amounts to $213, significantly below the national median of $2,690. Property taxes in Chimayo are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Chimayo'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 Chimayo or another part of Rio Arriba County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Chimayo, New Mexico Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,720
Ownwell’s Chimayo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chimayo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chimayo 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 Chimayo, New Mexico
Property taxes in Chimayo, 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 Chimayo is 0.79%, which is below the U.S. national median of 0.99%. Local government entities within Chimayo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chimayo 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 Chimayo's effective property tax rate to other areas in New Mexico and the national median. For comparison, the zip code 87522 has both the highest and lowest median property tax rate of 0.79%. Understanding how these areas compare with Chimayo 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 Chimayo Tax Rate
0.79%
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 Chimayo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87522 | 0.44% | 0.69% | 0.79% | 0.79% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Chimayo, New Mexico
In Chimayo, 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 Chimayo, 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 Chimayo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Chimayo, the highest median tax bill is $213 in the 87522 zip code, while the lowest median tax bill is also $213 in the same zip code.
Average Chimayo Assessed Value
$21,156
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 Chimayo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87522 | $4,385 | $8,084 | $21,156 | $47,824 | $98,327 |
Source: Ownwell
Property Tax Bills Across Chimayo, New Mexico
In Chimayo, located in Rio Arriba County, NM, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and reflects the estimated market value of the property. This value is then multiplied by the local tax rate to calculate the annual property tax bill. For example, with a median home price of $21,156, the tax bill varies significantly across different percentiles. At the 25th percentile, homeowners can expect a tax bill of around $77, while those in the 75th percentile may pay approximately $405. For the top 10% of properties, the tax bill can go up to $829. The highest and lowest median tax bills in the area both stand at $213, indicating a relatively uniform tax rate across different properties. These property taxes are essential for funding local services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners in Chimayo.
Average Chimayo Tax Bill
$213
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 Chimayo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87522 | $42 | $77 | $213 | $405 | $829 |
Source: Ownwell