Medanales, New Mexico Property Taxes
The median property tax rate in Medanales, 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 Medanales at $37,856, the typical annual property tax bill is $301, significantly below the national median of $2,690. Property taxes in Medanales are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Medanales' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Medanales 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
Medanales, 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 Medanales Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Medanales. By simply entering your property's estimated assessed value, the calculator uses the median tax rate specific to Medanales to provide a clear estimate of your property tax bill. This valuable insight helps you understand potential tax liabilities, making financial planning easier. For those interested in trends at a neighborhood level, more localized information is available below. Your property’s assessed value, determined by Rio Arriba County, plays a crucial role in these calculations, factoring in any applicable exemptions.
Property Tax Rates Across Medanales, New Mexico
Property taxes in Medanales, 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 Medanales is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Medanales set these rates annually, and they can vary significantly across different neighborhoods. Each year, Medanales 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 Medanales' effective property tax rate to other areas in Rio Arriba County and the national median. For comparison, the highest median property tax rate in Rio Arriba County is also 0.79%, found in the 87548 zip code, while the lowest median tax rate is the same at 0.79%. Understanding how these areas compare with Medanales 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 Medanales 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 Medanales, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87548 | 0.59% | 0.79% | 0.79% | 0.79% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Medanales, New Mexico
In Medanales, 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 Medanales, 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 Medanales helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 87548 has the highest and lowest median tax bills at $301.
Average Medanales Assessed Value
$37,856
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 Medanales, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87548 | $6,682 | $19,481 | $37,856 | $63,568 | $141,882 |
Source: Ownwell
Property Tax Bills Across Medanales, New Mexico
In Medanales, located in Rio Arriba County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor's office. The median home price in Medanales is $37,856. Property taxes are influenced by several factors, including the property's assessed value, the local tax rate, and any applicable exemptions or deductions. Homeowners in Medanales can expect their property tax bill to vary within a range. For example, the tax bill at the 25th percentile is $202, while it reaches $597 at the 75th percentile and $1,164 at the 90th percentile. The highest median tax bill in the area is $301, found in the zip code 87548. Comparatively, the national median property tax rate is 0.99%, which can highlight how property taxes in Medanales might impact homeowners differently than in other regions. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly affecting the community's quality of life.
Average Medanales Tax Bill
$301
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 Medanales, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87548 | $54 | $202 | $301 | $597 | $1,164 |
Source: Ownwell