Las Vegas, New Mexico Property Taxes
The median property tax rate in Las Vegas, NM is 0.95%, slightly below the national median of 0.99% but higher than the New Mexico state median of 0.86%. With a median home value of $70,236, the typical annual property tax bill in Las Vegas reaches $994, which is considerably lower than the national median of $2,690. Property taxes in Las Vegas are calculated based on the tax assessed value, which is often less than the market value due to various exemptions like those for primary residences and agricultural land. Understanding Las Vegas'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 Las Vegas or another part of San Miguel County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Las Vegas, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$667
Ownwell’s Las Vegas Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Las Vegas with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Las Vegas to estimate your property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in seeing trends on a neighborhood level, more localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, which takes into account any applicable exemptions.
Property Tax Rates Across Las Vegas, New Mexico
Property taxes in Las Vegas, 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 Las Vegas is 0.95%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Las Vegas set these rates annually, and they can vary significantly across different neighborhoods. Each year, Las Vegas 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 Las Vegas's effective property tax rate to other areas in San Miguel County and the national median. For comparison, the 87701 zip code has the highest median property tax rate of 0.95%, while the 87745 zip code has the lowest median tax rate of 0.76%. Understanding how these areas compare with Las Vegas 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 Las Vegas Tax Rate
0.95%
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 Las Vegas, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87701 | 0.74% | 0.78% | 0.95% | 0.99% | 1.01% |
| 87745 | 0.76% | 0.76% | 0.76% | 0.76% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Las Vegas, New Mexico
In Las Vegas, 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 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 Las Vegas, 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 Las Vegas helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $3,787 in zip code 87745, while the lowest median tax bill is $994 in zip code 87701.
Average Las Vegas Assessed Value
$70,236
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 Las Vegas, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87701 | $4,907 | $16,199 | $70,262 | $133,882 | $201,725 |
| 87745 | $64,569 | $137,123 | $258,046 | $378,968 | $451,522 |
Source: Ownwell
Property Tax Bills Across Las Vegas, New Mexico
In Las Vegas, San Miguel County, NM, property tax bills are calculated based on the assessed value of your home. The assessed value is a percentage of the market value, which is determined by the county assessor's office. Various factors influence this assessment, including the property's location, size, and condition. The tax rate is then applied to the assessed value to determine the annual tax bill. For homeowners in Las Vegas, the median home price is $70,236. The property tax bill can vary significantly, with the 25th percentile at $605 and the 75th percentile at $1,466. Those at the 90th percentile may see tax bills as high as $2,077. Comparatively, the national median property tax rate is 0.99%, which highlights how property taxes in Las Vegas can impact homeowners differently depending on their property's assessed value. High property taxes can strain household budgets, while lower taxes can provide some financial relief. Understanding these factors can help homeowners plan and budget more effectively.
Average Las Vegas Tax Bill
$994
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 Las Vegas, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87701 | $325 | $605 | $994 | $1,466 | $2,075 |
| 87745 | $3,787 | $3,787 | $3,787 | $3,787 | $3,787 |
Source: Ownwell