Montezuma, New Mexico Property Taxes
The median property tax rate in Montezuma, NM is 0.75%, which is notably lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With a median home value of $82,612 in Montezuma, the typical annual property tax bill amounts to $626, significantly less than the national median of $2,690. Property taxes in Montezuma are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as the primary residence and agricultural exemptions. Gaining a clear understanding of Montezuma'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 Montezuma or elsewhere in the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Montezuma, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$620
$575
Ownwell’s Montezuma Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Montezuma with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Montezuma 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 Montezuma, New Mexico
Property taxes in Montezuma, 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 Montezuma is 0.75%, which is below the U.S. national median of 0.99%. Local government entities within Montezuma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montezuma 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 Montezuma's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87731 zip code has the highest median property tax rate of 0.75%, while the same zip code also has the lowest median tax rate of 0.75%. Understanding how these cities compare with Montezuma 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 Montezuma Tax Rate
0.75%
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 Montezuma, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87731 | 0.67% | 0.74% | 0.75% | 0.76% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Montezuma, New Mexico
In Montezuma, 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 Montezuma, 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 Montezuma 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 $626.00, found in zip code 87731.
Average Montezuma Assessed Value
$82,612
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 Montezuma, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87731 | $27,795 | $46,772 | $82,612 | $160,897 | $282,201 |
Source: Ownwell
Property Tax Bills Across Montezuma, New Mexico
In Montezuma, located in San Miguel County, NM, property tax bills are determined based on the assessed value of a home. The assessed value is a percentage of the market value, which is then multiplied by the local tax rate. For instance, with a median home price of $82,612, homeowners can expect varying tax bills depending on specific factors such as property location and applicable exemptions. The 25th percentile tax bill in Montezuma is $399, while the 75th percentile tax bill reaches $1,251, and the 90th percentile tax bill can be as high as $2,247. These figures indicate a broad range of property tax liabilities, reflecting differences in property values and applicable local tax rates. Compared to the national median property tax rate of 0.99%, Montezuma's property tax rates can significantly impact homeowners. Understanding these rates and their implications helps homeowners plan their finances better. For example, the highest median tax bill in the region is $626 in the 87731 zip code, emphasizing the importance of knowing local tax variations.
Average Montezuma Tax Bill
$626
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 Montezuma, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87731 | $243 | $399 | $626 | $1,251 | $2,247 |
Source: Ownwell