Truchas, New Mexico Property Taxes
The median property tax rate in Truchas, 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 Truchas at $26,718, the typical annual property tax bill is $212, significantly below the national median of $2,690. Property taxes in Truchas are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Truchas'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 Truchas 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
Truchas, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$211
Ownwell’s Truchas Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Truchas with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Truchas to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those 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 Rio Arriba County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Truchas, New Mexico
Property taxes in Truchas, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Truchas is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Truchas set these rates annually, and they can vary significantly across different neighborhoods. Each year, Truchas 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 Truchas's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87578 zip code has the highest median property tax rate of 0.79%, while the 87578 zip code also has the lowest median tax rate of 0.79%. Understanding how these cities compare with Truchas 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 Truchas 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 Truchas, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87578 | 0.62% | 0.70% | 0.79% | 0.82% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Truchas, New Mexico
In Truchas, 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 Truchas, 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 Truchas helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 87578, with a median tax bill of $212.
Average Truchas Assessed Value
$26,718
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 Truchas, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87578 | $7,348 | $16,173 | $26,718 | $43,865 | $74,381 |
Source: Ownwell
Property Tax Bills Across Truchas, New Mexico
In Truchas, located in Rio Arriba County, NM, property tax bills are calculated based on the assessed value of a property. The assessed value is typically determined by the county assessor and represents a percentage of the property's market value. For homeowners in Truchas, the median home price is $26,718. Property tax bills can vary significantly, with the 25th percentile tax bill at $128 and the 75th percentile tax bill at $356. At the higher end, the 90th percentile tax bill reaches $577. The property tax rate in Truchas is influenced by local government budgets and the need to fund public services such as schools, roads, and emergency services. Homeowners in Truchas should be aware of these factors as they directly impact their annual property tax obligations. Compared to the national median property tax rate of 0.99%, Truchas offers relatively lower property tax rates, which can be an appealing factor for current and prospective homeowners.
Average Truchas Tax Bill
$212
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 Truchas, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87578 | $66 | $128 | $212 | $356 | $577 |
Source: Ownwell