Bloomfield, New Mexico Property Taxes
The median property tax rate in Bloomfield, NM is 0.90%, slightly lower than the national median of 0.99% but higher than the New Mexico state median of 0.86%. With the median home value in Bloomfield at $51,499, the typical annual property tax bill is $463, significantly below the national median of $2,690. Property taxes in Bloomfield are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bloomfield'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 Bloomfield or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bloomfield, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$463
$430
Ownwell’s Bloomfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bloomfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bloomfield 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 Bloomfield, New Mexico
Property taxes in Bloomfield, New Mexico, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Bloomfield is 0.90%, which is lower than the U.S. national median of 0.99%. Local government entities within Bloomfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bloomfield 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 Bloomfield's effective property tax rate to other areas in New Mexico and the national median. For comparison, the zip code 87413 has the highest median property tax rate of 0.90%, while the same zip code also has the lowest median tax rate of 0.90%. Understanding how these cities compare with Bloomfield 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 Bloomfield Tax Rate
0.90%
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 Bloomfield, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87413 | 0.78% | 0.83% | 0.90% | 1.03% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Bloomfield, New Mexico
In Bloomfield, 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. 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 Bloomfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills, both at $463, are found in zip code 87413.
Average Bloomfield Assessed Value
$51,499
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 Bloomfield, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87413 | $4,108 | $17,187 | $51,499 | $145,664 | $211,551 |
Source: Ownwell
Property Tax Bills Across Bloomfield, New Mexico
In Bloomfield, San Juan County, NM, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Bloomfield stands at $51,499. To determine the property tax bill, the assessed value is multiplied by the local tax rate. Factors such as property location, improvements, and exemptions play a role in the final tax amount. For Bloomfield homeowners, property tax bills can vary significantly. For instance, the 25th percentile tax bill is around $139, while the 75th percentile reaches $1,417, and the 90th percentile can be as high as $2,009. Despite these variations, the median tax bill in the area is $463, which is considerably lower than the national median property tax rate of 0.99%. This relatively lower tax burden can be beneficial for homeowners, making property ownership more affordable in Bloomfield.
Average Bloomfield Tax Bill
$463
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 Bloomfield, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87413 | $28 | $139 | $463 | $1,417 | $2,009 |
Source: Ownwell