Lindrith, New Mexico Property Taxes
The median property tax rate in Lindrith, NM is 0.61%, 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 Lindrith, the typical annual property tax bill reaches $593, significantly below the national median of $2,690. Property taxes in Lindrith 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 Lindrith'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 Lindrith 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
Lindrith, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$376
Ownwell’s Lindrith Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lindrith with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lindrith 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 Lindrith, New Mexico
Property taxes in Lindrith, New Mexico, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Lindrith is 0.61%, which is lower than the U.S. national median of 0.99%. Local government entities within Lindrith set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lindrith 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 Lindrith's effective property tax rate to other areas in New Mexico and the national median. For comparison, the 87029 zip code has the highest median property tax rate of 0.61%, while the same zip code also has the lowest median tax rate of 0.61%. Understanding how these figures compare with Lindrith 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 Lindrith Tax Rate
0.61%
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 Lindrith, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87029 | 0.56% | 0.58% | 0.61% | 0.70% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Lindrith, New Mexico
In Lindrith, 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 Lindrith, 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. For instance, the highest median tax bill in the area, found in zip code 87029, is $593. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lindrith Assessed Value
$61,685
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 Lindrith, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87029 | $5,900 | $9,730 | $61,685 | $149,051 | $363,876 |
Source: Ownwell
Property Tax Bills Across Lindrith, New Mexico
In Lindrith, located in Rio Arriba County, NM, property tax bills are determined based on the assessed value of a property, which is a percentage of its market value. The tax rate is applied to this assessed value to calculate the annual tax bill. Several factors influence the tax bill, including the property's location, its assessed value, and the specific tax rate set by local authorities. For homeowners in Lindrith, the median home price stands at $61,685, with tax bills varying significantly. At the 25th percentile, the tax bill is $81, while at the 75th percentile, it rises to $1,349. The 90th percentile sees a tax bill of $2,704. The highest and lowest median tax bills in the area are both $593, indicating some consistency in tax assessments within the same zip code, 87029. Comparatively, the national median property tax rate is 0.99%, making Lindrith's property tax rates relatively moderate. Such variations in tax bills can significantly affect homeowners, influencing their financial planning and overall cost of homeownership.
Average Lindrith Tax Bill
$593
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 Lindrith, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87029 | $45 | $81 | $593 | $1,349 | $2,704 |
Source: Ownwell