Flora Vista, New Mexico Property Taxes
The median property tax rate in Flora Vista, NM is 0.84%, slightly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Flora Vista at $87,005, the typical annual property tax bill is $719, well below the national median of $2,690. Property taxes in Flora Vista are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Flora Vista'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 Flora Vista 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
Flora Vista, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$731
$678
Ownwell’s Flora Vista Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Flora Vista with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Flora Vista to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more localized information, trends at the neighborhood level are available by scrolling down. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Flora Vista, New Mexico
Property taxes in Flora Vista, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Flora Vista is 0.84%, which is lower than the U.S. national median of 0.99%. Local government entities within Flora Vista set these rates annually, and they can vary significantly across different neighborhoods. Each year, Flora Vista 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 Flora Vista's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87415 zip code has the highest median property tax rate of 0.84%, while the same zip code also has the lowest median tax rate of 0.84%. Understanding how these cities compare with Flora Vista 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 Flora Vista Tax Rate
0.84%
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 Flora Vista, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87415 | 0.76% | 0.84% | 0.84% | 0.86% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Flora Vista, New Mexico
In Flora Vista, 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 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. 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 Flora Vista helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $719, found in the zip code 87415.
Average Flora Vista Assessed Value
$87,005
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 Flora Vista, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87415 | $3,492 | $29,068 | $87,005 | $190,540 | $276,345 |
Source: Ownwell
Property Tax Bills Across Flora Vista, New Mexico
In Flora Vista, located in San Juan County, NM, property tax bills are calculated based on the assessed value of a home, which is often a percentage of its market value. The median home price in Flora Vista is $87,005. Tax authorities apply the local tax rate to this assessed value to determine the annual property tax bill. For instance, homeowners at the 25th percentile pay around $214, while those at the 75th percentile face a tax bill of approximately $1,615. The top 10% of homeowners encounter even higher taxes, with bills reaching up to $2,306. Several factors influence these tax bills, including property location, home improvements, and local government budgets. Homeowners in Flora Vista should be aware that their property tax bills can significantly impact their annual expenses. Comparing these figures to the national median property tax rate of 0.99%, Flora Vista's property taxes can be seen as relatively moderate, though they can vary widely within the community.
Average Flora Vista Tax Bill
$719
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 Flora Vista, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87415 | $25 | $214 | $719 | $1,615 | $2,306 |
Source: Ownwell