Serafina, New Mexico Property Taxes
The median property tax rate in Serafina, NM is 0.78%, 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 $82,729 in Serafina, the typical annual property tax bill is $725, well below the national median of $2,690. Property taxes in Serafina are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Serafina'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 Serafina 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
Serafina, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$645
$599
Ownwell’s Serafina Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Serafina with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Serafina 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 Serafina, New Mexico
Property taxes in Serafina, 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 Serafina is 0.78%, which is below the U.S. national median of 0.99%. Local government entities within Serafina set these rates annually, and they can vary significantly across different neighborhoods. Each year, Serafina 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 Serafina's effective property tax rate to other areas in New Mexico and the national median. For comparison, the zip code 87569 has both the highest and lowest median property tax rate of 0.78%. Understanding how these areas compare with Serafina 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 Serafina Tax Rate
0.78%
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 Serafina, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87569 | 0.72% | 0.75% | 0.78% | 0.79% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Serafina, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Serafina, New Mexico. 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 Serafina, 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 Serafina helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Serafina are both $725, found in the zip code 87569.
Average Serafina Assessed Value
$82,729
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 Serafina, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87569 | $30,674 | $45,669 | $82,729 | $133,276 | $201,139 |
Source: Ownwell
Property Tax Bills Across Serafina, New Mexico
In Serafina, a city in San Miguel County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and market conditions influence the assessed value. For homeowners, this means that changes in the real estate market can directly impact their property tax bills. For instance, with a median home price of $82,729, property taxes can vary significantly. Homeowners at the 25th percentile might see a tax bill around $385, while those at the 75th percentile could face a bill as high as $1,136. At the 90th percentile, the tax bill can reach up to $1,633. These figures highlight the range of property tax burdens within the city, emphasizing the importance of accurate assessments and understanding local market trends. Compared to the national median property tax rate of 0.99%, Serafina's tax rates offer a unique perspective on property tax burdens in the region.
Average Serafina Tax Bill
$725
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 Serafina, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87569 | $259 | $385 | $725 | $1,136 | $1,633 |
Source: Ownwell