La Plata, New Mexico Property Taxes
The median property tax rate in LA PLATA, NM is 0.80%, which is lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With a median home value of $123,270 in LA PLATA, the typical annual property tax bill amounts to $973, significantly below the national median of $2,690. Property taxes in LA PLATA are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding LA PLATA'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 LA PLATA or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
La Plata, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$986
Ownwell’s LA PLATA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LA PLATA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LA PLATA 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 La Plata, New Mexico
Property taxes in LA PLATA, New Mexico, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in LA PLATA is 0.80%, which is lower than both the New Mexico state median of 0.74% and the U.S. national median of 0.99%. Local government entities within LA PLATA set these rates annually, and they can vary significantly across different neighborhoods. Each year, LA PLATA 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 LA PLATA's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87418 zip code has the highest median property tax rate of 0.80%, while the same zip code also has the lowest median tax rate of 0.80%. Understanding how these cities compare with LA PLATA 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 La Plata Tax Rate
0.80%
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 La Plata, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87418 | 0.73% | 0.75% | 0.80% | 0.82% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across La Plata, New Mexico
In LA PLATA, 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 LA PLATA, 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. With a median home price of $123,270, property tax bills can vary significantly. For instance, in zip code 87418, the highest median tax bill is $973.00. 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 LA PLATA helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average La Plata Assessed Value
$123,270
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 La Plata, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87418 | $9,077 | $36,514 | $123,270 | $202,655 | $283,836 |
Source: Ownwell
Property Tax Bills Across La Plata, New Mexico
In La Plata, NM, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, with a median home price of $123,270, homeowners can expect their assessed value to be a fraction of this amount, determined by the local assessment rate. The tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence this calculation, including property improvements, location, and current market conditions. In La Plata, the tax bills vary significantly, with the 25th percentile paying around $272, while the 75th percentile faces a tax bill of approximately $1,662. The highest recorded median tax bill in the area is $973, indicating some variability depending on specific circumstances. For homeowners, understanding these factors is crucial as property taxes can significantly impact annual expenses. Compared to the national median property tax rate of 0.99%, La Plata's rates can be considered relatively moderate, providing a balanced approach to local taxation.
Average La Plata Tax Bill
$973
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 La Plata, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87418 | $42 | $272 | $973 | $1,662 | $2,361 |
Source: Ownwell