Petaca, New Mexico Property Taxes
The median property tax rate in Petaca, NM is 0.80%, which is notably lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With a median home value of $16,528 in Petaca, the typical annual property tax bill amounts to $152, significantly below the national median of $2,690. Property taxes in Petaca are determined based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. By understanding Petaca’s property tax system and exploring available exemptions, homeowners and real estate investors can identify opportunities for considerable annual savings. Whether you reside in Petaca or another part of Rio Arriba County, a thorough grasp of the local property tax system is essential for maximizing financial benefits.
Last Updated June 14, 2024
Petaca, 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 Petaca Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Petaca with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Petaca 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 Petaca, New Mexico
Property taxes in Petaca, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Petaca is 0.80%, lower than the U.S. national median of 0.99%. Local government entities within Petaca set these rates annually, and they can vary significantly across different neighborhoods. Each year, Petaca 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 Petaca's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87554 zip code has both the highest and lowest median property tax rate of 0.80%. Understanding how these cities compare with Petaca 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 Petaca 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 Petaca, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87554 | 0.66% | 0.80% | 0.80% | 0.80% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Petaca, New Mexico
In Petaca, 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 Petaca, 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 Petaca helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $152 in the 87554 zip code, which also has the lowest median tax bill at $152.
Average Petaca Assessed Value
$16,528
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 Petaca, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87554 | $3,866 | $6,760 | $16,528 | $51,485 | $61,513 |
Source: Ownwell
Property Tax Bills Across Petaca, New Mexico
In Petaca, NM, property tax bills are determined by assessing the property's value and applying the local tax rate. The assessed value is typically a percentage of the market value, which is then multiplied by the county's tax rate to calculate the annual tax bill. For homeowners in Rio Arriba County, where Petaca is located, the median home price is $16,528. Property tax bills can vary significantly, with the 25th percentile at $61 and the 75th percentile reaching $430. At the 90th percentile, homeowners might see tax bills as high as $500. These property taxes fund essential public services such as schools, emergency services, and infrastructure. Compared to the national median property tax rate of 0.99%, Petaca's tax rates may seem more manageable, but they still have a considerable impact on homeowners' finances. Understanding how these taxes are calculated helps homeowners budget accordingly and ensures they are prepared for their annual tax obligations.
Average Petaca Tax Bill
$152
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 Petaca, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87554 | $52 | $61 | $152 | $430 | $500 |
Source: Ownwell