La Madera, Rio Arriba County, New Mexico Property Taxes
The median property tax rate in LA MADERA, 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 a median home value of $27,226 in LA MADERA, the typical annual property tax bill amounts to $223, significantly below the national median of $2,690. Property taxes in LA MADERA are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding LA MADERA'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 LA MADERA 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
La Madera, Rio Arriba County, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$218
$202
Ownwell’s LA MADERA Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in LA MADERA. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in LA MADERA to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of your potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed insights, including neighborhood-level trends, additional localized information is available. Your property’s assessed value, determined by Rio Arriba County, is crucial for these calculations and takes into account any applicable exemptions.
Property Tax Rates Across La Madera, Rio Arriba County, New Mexico
Property taxes in LA MADERA, 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 LA MADERA is 0.80%, slightly below the U.S. national median of 0.99%. Local government entities within LA MADERA set these rates annually, and they can vary significantly across different neighborhoods. Each year, LA MADERA 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 LA MADERA's effective property tax rate to other areas in New Mexico and the national median. For comparison, the zip code 87539 has both the highest and lowest median property tax rate of 0.80%. Understanding how these areas compare with LA MADERA 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 La Madera 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 La Madera, Rio Arriba County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87539 | 0.72% | 0.80% | 0.80% | 0.81% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across La Madera, Rio Arriba County, New Mexico
In LA MADERA, 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 LA MADERA, 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 LA MADERA helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $223, found in zip code 87539.
Property Tax Assessment Values Across La Madera, Rio Arriba County, New Mexico
Source: Ownwell
$13,197
$37,441
$61,685
Average La Madera Assessed Value
$27,226
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 La Madera, Rio Arriba County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87539 | $6,336 | $13,891 | $27,226 | $90,994 | $156,969 |
Source: Ownwell
Property Tax Bills Across La Madera, Rio Arriba County, New Mexico
In LA MADERA, property tax bills are calculated based on the assessed value of a home, which is determined by the Rio Arriba County assessor's office. The assessed value is a percentage of the market value, reflecting the estimated price a property would fetch in the current market. Factors such as property size, location, and condition are considered in this assessment. Homeowners in LA MADERA can expect varying tax bills depending on their property's assessed value. For instance, the 25th percentile tax bill is around $112, while the 75th percentile tax bill reaches $707. At the higher end, the 90th percentile tax bill is approximately $1,427. These figures illustrate the range of property tax burdens homeowners might face. The median home price in the area is $27,226, which influences the overall tax calculation. Compared to the national median property tax rate of 0.99%, the property tax rates in LA MADERA can significantly impact homeowners' annual expenses, making it crucial to understand how these taxes are determined and managed.
Average La Madera Tax Bill
$223
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 La Madera, Rio Arriba County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87539 | $46 | $112 | $223 | $707 | $1,427 |
Source: Ownwell