Coyote, New Mexico Property Taxes
The median property tax rate in Coyote, NM is 0.58%, considerably lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Coyote, the typical annual property tax bill reaches $138, significantly below the national median of $2,690. Property taxes in Coyote 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 Coyote'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 Coyote 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
Coyote, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$81
$75
Ownwell’s Coyote Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Coyote with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Coyote to provide an estimate of your property tax bill. This valuable tool aids in understanding potential tax liabilities. For those interested in neighborhood-level trends, you can find more localized information by scrolling down. Your property’s assessed value is determined by the county for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Coyote, New Mexico
Property taxes in Coyote, New Mexico, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Coyote is 0.58%, lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Coyote set these rates annually, and they can vary significantly across different neighborhoods. Each year, Coyote 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 Coyote's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 87012 has both the highest and lowest median property tax rate of 0.58%. Understanding how these cities compare with Coyote 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 Coyote Tax Rate
0.58%
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 Coyote, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87012 | 0.35% | 0.48% | 0.58% | 0.58% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Coyote, New Mexico
In Coyote, 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 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 Coyote, 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 Coyote helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $138.00 in zip code 87012, while the lowest median tax bill is also $138.00 in the same zip code.
Average Coyote Assessed Value
$13,936
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 Coyote, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87012 | $5,140 | $7,038 | $13,936 | $47,288 | $72,507 |
Source: Ownwell
Property Tax Bills Across Coyote, New Mexico
In Coyote, located in Rio Arriba County, NM, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Various factors, including the property's location, size, and any applicable exemptions, influence this assessment. Homeowners in Coyote experience a range of property tax bills. For example, the 25th percentile tax bill is around $60, while the 75th percentile rises to $290, and the 90th percentile can reach up to $518. These figures reflect the diversity in property values and tax burdens within the area. Compared to the national median property tax rate of 0.99%, Coyote's property taxes are relatively modest, making it an attractive location for homeowners seeking lower tax obligations. However, it's essential for homeowners to stay informed about local tax rates and assessments to manage their financial responsibilities effectively.
Average Coyote Tax Bill
$138
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 Coyote, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87012 | $41 | $60 | $138 | $290 | $518 |
Source: Ownwell