Ojo Caliente, New Mexico Property Taxes
The median property tax rate in Ojo Caliente, 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 the median home value in Ojo Caliente, the typical annual property tax bill is $498, significantly below the national median of $2,690. Property taxes in Ojo Caliente 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 Ojo Caliente'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 Ojo Caliente 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
Ojo Caliente, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$470
$436
Ownwell’s Ojo Caliente Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ojo Caliente with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ojo Caliente 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 Ojo Caliente, New Mexico
Property taxes in Ojo Caliente, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ojo Caliente is 0.80%, lower than the U.S. national median of 0.99%. Local government entities within Ojo Caliente set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ojo Caliente 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 Ojo Caliente's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 87549 has the highest median property tax rate of 0.80%, while also having the lowest median tax rate of 0.80%. Understanding how these cities compare with Ojo Caliente 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 Ojo Caliente 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 Ojo Caliente, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87549 | 0.76% | 0.79% | 0.80% | 0.80% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Ojo Caliente, New Mexico
In Ojo Caliente, 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 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 Ojo Caliente, 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 Ojo Caliente 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 $498.00, found in zip code 87549.
Average Ojo Caliente Assessed Value
$58,747
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 Ojo Caliente, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87549 | $22,680 | $33,432 | $58,747 | $118,698 | $207,405 |
Source: Ownwell
Property Tax Bills Across Ojo Caliente, New Mexico
In Ojo Caliente, located in Rio Arriba County, NM, property tax bills are calculated based on the assessed value of a home. The assessed value is typically a percentage of the market value, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $58,747, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is around $274, while at the 75th percentile, it rises to approximately $924. For those at the 90th percentile, the tax bill can reach up to $1,678. The median tax bill in the area is $498, which is significantly lower than the national median property tax rate of 0.99%. These factors can significantly affect homeowners, influencing their overall housing costs and financial planning. Understanding how these elements interact helps homeowners anticipate their property tax obligations and manage their budgets more effectively.
Average Ojo Caliente Tax Bill
$498
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 Ojo Caliente, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87549 | $204 | $274 | $498 | $924 | $1,678 |
Source: Ownwell