Aztec, New Mexico Property Taxes
The median property tax rate in Aztec, NM is 0.86%, aligning with the state median but lower than the national median of 0.99%. With a median home value of $74,027, the typical annual property tax bill in Aztec reaches $629, significantly below the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which often falls below the market value due to exemptions like primary residence and agricultural exemptions. Understanding Aztec'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 Aztec or another part of San Juan County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Aztec, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$637
$591
Ownwell’s Aztec Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Aztec, NM with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Aztec to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-specific trends, scroll down for more localized information. Your property’s assessed value, assigned by San Juan County, is used for property tax calculations and accounts for any applicable exemptions.
Property Tax Rates Across Aztec, New Mexico
Property taxes in Aztec, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Aztec is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Aztec set these rates annually, and they can vary significantly across different neighborhoods. Each year, Aztec 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 Aztec's effective property tax rate to other areas in New Mexico and the national median. For comparison, the zip code 87410 has both the highest and the lowest median property tax rate of 0.86%. Understanding how these cities compare with Aztec provides valuable insights into the varying tax landscape across San Juan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Aztec Tax Rate
0.86%
Average San Juan County Tax Rate
0.83%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Aztec, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87410 | 0.75% | 0.83% | 0.86% | 0.99% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Aztec, New Mexico
In Aztec, 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 San Juan County Assessor 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 Aztec, 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 Aztec helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Aztec are both $629.00, found in the 87410 zip code.
Average Aztec Assessed Value
$74,027
Average San Juan County Assessed Value
$93,508
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Aztec, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87410 | $6,006 | $25,402 | $74,027 | $164,672 | $241,044 |
Source: Ownwell
Property Tax Bills Across Aztec, New Mexico
In Aztec, located in San Juan County, NM, property tax bills are determined by assessing the property's value and applying the local tax rate. The median home price in Aztec is $74,027, which serves as the basis for calculating property taxes. The tax bill can vary significantly, with the 25th percentile at $194 and the 90th percentile reaching up to $2,251. Factors influencing these variations include the property's assessed value, any applicable exemptions, and the specific tax rate set by local authorities. Homeowners in Aztec may find their tax bills influenced by changes in property values and local government budget requirements. For instance, the highest median tax bill in the area is $629, which is considerably lower than the national median property tax rate of 0.99%. This comparatively lower tax burden can make Aztec an attractive location for homeowners, offering affordability while still contributing to community services and infrastructure.
Average Aztec Tax Bill
$629
Average San Juan County Tax Bill
$761
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Aztec, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87410 | $40 | $194 | $629 | $1,512 | $2,251 |
Source: Ownwell