Glorieta, San Miguel County, New Mexico Property Taxes
The median property tax rate in Glorieta, NM is 0.42%, significantly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With a median home value of $227,519 in Glorieta, the typical annual property tax bill is $967, well below the national median of $2,690. Property taxes in Glorieta 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 Glorieta'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 Glorieta 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
Glorieta, San Miguel County, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.42%
Estimate Property Tax Bill
$956
$887
Ownwell’s Glorieta Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Glorieta with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Glorieta 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 Glorieta, San Miguel County, New Mexico
Property taxes in Glorieta, New Mexico, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Glorieta is 0.42%, which is significantly lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Glorieta set these rates annually, and they can vary significantly across different neighborhoods. Each year, Glorieta 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 Glorieta's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87535 zip code has the highest median property tax rate of 0.42%, while the same zip code has the lowest median tax rate of 0.42%. Understanding how these cities compare with Glorieta provides valuable insights into the varying tax landscape across San Miguel County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Glorieta Tax Rate
0.42%
Average San Miguel County Tax Rate
0.78%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Glorieta, San Miguel County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87535 | 0.42% | 0.42% | 0.42% | 0.45% | 0.46% |
Source: Ownwell
Property Tax Assessment Values Across Glorieta, San Miguel County, New Mexico
In Glorieta, 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 Miguel County Assessor's Office 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 Glorieta, 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 Glorieta 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, both at $967, are found in the 87535 zip code.
Property Tax Assessment Values Across Glorieta, San Miguel County, New Mexico
Source: Ownwell
$37,328
$132,424
$227,519
Average Glorieta Assessed Value
$227,519
Average San Miguel County Assessed Value
$75,272
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Glorieta, San Miguel County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87535 | $53,567 | $129,075 | $227,519 | $290,222 | $434,205 |
Source: Ownwell
Property Tax Bills Across Glorieta, San Miguel County, New Mexico
Property tax bills in Glorieta, located in San Miguel County, NM, are calculated based on the assessed value of a property, which is determined by local assessors. The median home price in Glorieta is $227,519. Property tax rates are applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Glorieta, the tax bill can vary significantly; the 25th percentile tax bill is $731, while the 75th percentile reaches $1,196, and the 90th percentile can be as high as $1,755. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. Homeowners in Glorieta should be aware of these factors as they can impact overall housing costs and long-term financial planning. The highest and lowest median tax bills in the area are recorded at $967, both in the 87535 zip code, indicating some consistency within the locality.
Average Glorieta Tax Bill
$967
Average San Miguel County Tax Bill
$856
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Glorieta, San Miguel County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87535 | $442 | $731 | $967 | $1,196 | $1,755 |
Source: Ownwell