Tierra Amarilla, New Mexico Property Taxes
The median property tax rate in Tierra Amarilla, NM is 0.75%, lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Tierra Amarilla at $30,100, the typical annual property tax bill is around $250, significantly below the national median of $2,690. Property taxes in Tierra Amarilla are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Tierra Amarilla's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Tierra Amarilla or another part of Rio Arriba County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tierra Amarilla, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$226
$209
Ownwell’s Tierra Amarilla Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tierra Amarilla with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tierra Amarilla 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 Tierra Amarilla, New Mexico
Property taxes in Tierra Amarilla, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tierra Amarilla is 0.75%, lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Tierra Amarilla set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tierra Amarilla 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 Tierra Amarilla's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87575 zip code has the highest median property tax rate of 0.75%, while the 87575 zip code also has the lowest median tax rate of 0.75%. Understanding how these cities compare with Tierra Amarilla 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 Tierra Amarilla Tax Rate
0.75%
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 Tierra Amarilla, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87575 | 0.67% | 0.75% | 0.75% | 0.76% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Tierra Amarilla, New Mexico
In Tierra Amarilla, 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's Office 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 Tierra Amarilla, 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 in the area is $30,100, and tax bills can range significantly, with the 25th percentile at $85 and the 75th percentile at $654. 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 Tierra Amarilla helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Tierra Amarilla, New Mexico
Source: Ownwell
$5,002
$33,344
$61,685
Average Tierra Amarilla Assessed Value
$30,100
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 Tierra Amarilla, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87575 | $4,552 | $11,014 | $30,100 | $81,868 | $184,126 |
Source: Ownwell
Property Tax Bills Across Tierra Amarilla, New Mexico
In Tierra Amarilla, 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 this area is $30,100. Property tax rates are applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Tierra Amarilla experience varying tax bills, with the 25th percentile paying around $85 and the 75th percentile paying approximately $654. For those at the 90th percentile, the tax bill can reach up to $1,617. Despite these variations, the highest and lowest median tax bills in the region are both recorded at $250, which falls significantly below the national median property tax rate of 0.99%. These tax bills impact homeowners by influencing their monthly housing costs and overall affordability. Lower property taxes can make homeownership more accessible, while higher taxes may strain household budgets.
Average Tierra Amarilla Tax Bill
$250
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 Tierra Amarilla, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87575 | $48 | $85 | $250 | $654 | $1,617 |
Source: Ownwell