Algodones, New Mexico Property Taxes
The median property tax rate in Algodones, NM is 0.81%, 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 $106,784, the typical annual property tax bill in Algodones amounts to $939, significantly below the national median of $2,690. Property taxes in Algodones are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Algodones' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Algodones or another part of Sandoval County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Algodones, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$865
$803
Ownwell’s Algodones Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Algodones with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Algodones to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is the value assigned by Sandoval County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Algodones, New Mexico
Property taxes in Algodones, 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 Algodones is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Algodones set these rates annually, and they can vary significantly across different neighborhoods. Each year, Algodones 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 Algodones's effective property tax rate to other areas in New Mexico and the national median. For comparison, the zip code 87001 has both the highest and lowest median property tax rate of 0.81%. Understanding how these areas compare with Algodones provides valuable insights into the varying tax landscape across Sandoval County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Algodones Tax Rate
0.81%
Average Sandoval County Tax Rate
1.19%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Algodones, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87001 | 0.66% | 0.73% | 0.81% | 0.95% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Algodones, New Mexico
In Algodones, 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 Sandoval 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 Algodones, 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. The zip code 87001 has both the highest and lowest median tax bill at $939. Being aware of these valuation processes in Algodones helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Algodones Assessed Value
$106,784
Average Sandoval County Assessed Value
$190,579
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Algodones, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87001 | $12,047 | $43,724 | $106,784 | $242,935 | $366,621 |
Source: Ownwell
Property Tax Bills Across Algodones, New Mexico
Property tax bills in Algodones, Sandoval County, NM, are calculated based on the assessed value of a property, which is determined by the county assessor's office. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Algodones, the median home price is $106,784, and the median property tax bill is $939, which is lower than the national median property tax rate of 0.99%. Factors influencing the tax bill include property size, location, and any improvements made to the property. For instance, tax bills can vary significantly, with the 25th percentile tax bill at $361 and the 90th percentile reaching $3,193. These variations affect homeowners differently, with those owning higher-valued properties or making significant improvements typically facing higher tax bills. Understanding these factors can help homeowners anticipate their tax obligations and plan accordingly.
Average Algodones Tax Bill
$939
Average Sandoval County Tax Bill
$2,213
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Algodones, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87001 | $84 | $361 | $939 | $2,022 | $3,193 |
Source: Ownwell