Villanueva, New Mexico Property Taxes
The median property tax rate in Villanueva, 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 $45,913 in Villanueva, the typical annual property tax bill amounts to $357, significantly below the national median of $2,690. Property taxes in Villanueva are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural land. Understanding Villanueva'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 Villanueva 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
Villanueva, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$358
Ownwell’s Villanueva Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Villanueva with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Villanueva 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 Villanueva, New Mexico
Property taxes in Villanueva, 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 Villanueva is 0.78%, which is lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Villanueva set these rates annually, and they can vary significantly across different neighborhoods. Each year, Villanueva 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 Villanueva's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 87583 has the highest median property tax rate of 0.78%, while the same zip code also has the lowest median tax rate of 0.78%. Understanding how these areas compare with Villanueva 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 Villanueva 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 Villanueva, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87583 | 0.67% | 0.73% | 0.78% | 0.78% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Villanueva, New Mexico
In Villanueva, 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 Appraisal District 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 Villanueva, 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. The median home price in Villanueva is $45,913. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The highest median tax bill in Villanueva is $357.00 in the 87583 zip code, which is also the lowest median tax bill. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Villanueva Assessed Value
$45,913
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 Villanueva, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87583 | $12,344 | $27,853 | $45,913 | $98,243 | $156,922 |
Source: Ownwell
Property Tax Bills Across Villanueva, New Mexico
In Villanueva, located in San Miguel County, NM, property tax bills are calculated based on the assessed value of a home. The median home price in Villanueva is $45,913, and the property tax rate is applied to this assessed value to determine the tax bill. Various factors influence the assessed value, including the home's market value, location, and any improvements made to the property. Homeowners in Villanueva can expect their property tax bills to vary significantly. For example, tax bills at the 25th percentile are around $201, while those at the 75th percentile reach approximately $699. At the 90th percentile, the tax bill can be as high as $1,164. The highest median tax bill in the area is $357, all within the zip code 87583. These property taxes fund essential community services such as schools, infrastructure, and emergency services. Understanding how property tax bills are calculated helps homeowners in Villanueva plan their finances more effectively and appreciate the value these taxes bring to their community.
Average Villanueva Tax Bill
$357
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 Villanueva, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87583 | $70 | $201 | $357 | $699 | $1,164 |
Source: Ownwell