Dixon, New Mexico Property Taxes
The median property tax rate in Dixon, 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 Dixon at $38,488, the typical annual property tax bill is $312, significantly below the national median of $2,690. Property taxes in Dixon are based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Dixon'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 Dixon 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
Dixon, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$304
$282
Ownwell’s Dixon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dixon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dixon 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 Dixon, New Mexico
Property taxes in Dixon, 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 Dixon is 0.79%, which is below the U.S. national median of 0.99%. Local government entities within Dixon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dixon 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 Dixon's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 87527 has both the highest and lowest median property tax rate of 0.79%. Understanding how these cities compare with Dixon 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 Dixon 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 Dixon, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87527 | 0.43% | 0.66% | 0.79% | 0.79% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Dixon, New Mexico
In Dixon, 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 Dixon, 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. For instance, the median home price is $38,488, with tax bills ranging from $113 at the 25th percentile to $1,118 at the 90th percentile. 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 Dixon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Dixon Assessed Value
$38,488
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 Dixon, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87527 | $7,594 | $14,596 | $38,488 | $79,640 | $142,980 |
Source: Ownwell
Property Tax Bills Across Dixon, New Mexico
In Dixon, located in Rio Arriba County, NM, property tax bills are determined based on the assessed value of the property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to calculate the annual tax bill. For homeowners, several factors influence the final amount, including the median home price, which is $38,488 in Dixon, and the specific tax rate for the area. The tax bill can vary significantly within the city. For example, at the 25th percentile, homeowners might pay around $113, while those at the 75th percentile could see bills as high as $656. At the 90th percentile, tax bills can reach $1,118. The highest and lowest median tax bills in Dixon are both reported to be $312, specifically in the zip code 87527. These property taxes are essential for funding local services such as schools, road maintenance, and emergency services. Understanding how these factors interplay can help homeowners anticipate their financial obligations and plan accordingly.
Average Dixon Tax Bill
$312
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 Dixon, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87527 | $51 | $113 | $312 | $656 | $1,118 |
Source: Ownwell