Ohkay Owingeh, New Mexico Property Taxes
The median property tax rate in Ohkay Owingeh, 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 Ohkay Owingeh at $38,804, the typical annual property tax bill is $318, significantly less than the national median of $2,690. Property taxes in Ohkay Owingeh are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Ohkay Owingeh's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you reside in the heart of Ohkay Owingeh or other parts of Rio Arriba County, grasping the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Ohkay Owingeh, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$307
Ownwell’s Ohkay Owingeh Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ohkay Owingeh with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ohkay Owingeh 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 Ohkay Owingeh, New Mexico
Property taxes in Ohkay Owingeh, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ohkay Owingeh is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Ohkay Owingeh set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ohkay Owingeh 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 Ohkay Owingeh's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87566 zip code has the highest median property tax rate of 0.79%, while it also has the lowest median tax rate of 0.79%. Understanding how these cities compare with Ohkay Owingeh 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 Ohkay Owingeh 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 Ohkay Owingeh, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87566 | 0.65% | 0.76% | 0.79% | 0.83% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Ohkay Owingeh, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Ohkay Owingeh, New Mexico. 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 Appraisal District 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 Ohkay Owingeh, 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 $38,804, with tax bills ranging from $185 at the 25th percentile to $979 at the 90th percentile. The highest and lowest median tax bills are both $318, found in the 87566 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ohkay Owingeh Assessed Value
$38,804
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 Ohkay Owingeh, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87566 | $6,698 | $20,459 | $38,887 | $73,730 | $122,553 |
Source: Ownwell
Property Tax Bills Across Ohkay Owingeh, New Mexico
In Ohkay Owingeh, located in Rio Arriba County, NM, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and reflects a percentage of the property's market value. This value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the tax bill, including property size, location, and improvements made to the property. For homeowners, understanding these factors is crucial as they directly impact the financial burden of property ownership. The median home price in Ohkay Owingeh is $38,804, with property tax bills ranging from $185 at the 25th percentile to $979 at the 90th percentile. Comparatively, the national median property tax rate is 0.99%, highlighting that property taxes in Ohkay Owingeh can vary significantly. Homeowners should be aware of these variations to better manage their financial planning and take advantage of any available exemptions or appeals processes to potentially lower their tax burden.
Average Ohkay Owingeh Tax Bill
$318
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 Ohkay Owingeh, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87566 | $92 | $185 | $318 | $598 | $979 |
Source: Ownwell