Counselor, New Mexico Property Taxes
The median property tax rate in Counselor, NM is 0.79%, 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 $48,509 in Counselor, the typical annual property tax bill is $383, significantly below the national median of $2,690. Property taxes in Counselor are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Counselor'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 Counselor 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
Counselor, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$383
$356
Ownwell’s COUNSELOR Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in COUNSELOR with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in COUNSELOR 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 Counselor, New Mexico
Property taxes in Counselor, 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 Counselor is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Counselor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Counselor 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 Counselor's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 87018 has the highest median property tax rate of 0.79%, while the same zip code also has the lowest median tax rate of 0.79%. Understanding how these cities compare with Counselor provides valuable insights into the varying tax landscape across Sandoval, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Counselor Tax Rate
0.79%
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 Counselor, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87018 | 0.69% | 0.78% | 0.79% | 0.79% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Counselor, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Counselor, 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 Sandoval 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 Counselor, 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 Counselor helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 87018 has the highest median tax bill at $383, which is significantly below the national median property tax rate of 0.99%. By staying informed, homeowners can make educated decisions to potentially lower their property tax obligations.
Average Counselor Assessed Value
$48,509
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 Counselor, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87018 | $21,913 | $27,659 | $48,509 | $95,790 | $169,246 |
Source: Ownwell
Property Tax Bills Across Counselor, New Mexico
In COUNSELOR, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the Sandoval County assessor. The assessed value is a percentage of the property's market value. For example, with a median home price of $48,509, the assessed value is a fraction of that amount. The property tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including property location, home size, and any applicable exemptions. Homeowners in COUNSELOR can expect their tax bills to vary widely. For instance, tax bills in the 25th percentile are around $277, while those in the 75th percentile reach approximately $823. At the 90th percentile, tax bills can soar to $1,583. These property taxes directly impact homeowners by influencing their monthly mortgage payments and overall housing costs. Compared to the national median property tax rate of 0.99%, homeowners in COUNSELOR experience a range of tax burdens that can significantly affect their financial planning and homeownership experience.
Average Counselor Tax Bill
$383
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 Counselor, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87018 | $186 | $277 | $383 | $823 | $1,583 |
Source: Ownwell