La Madera, New Mexico Property Taxes
The median property tax rate in LA MADERA, NM is 0.76%, 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 $15,863 in LA MADERA, the typical annual property tax bill is $120, significantly less than the national median of $2,690. Property taxes in LA MADERA are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding LA MADERA'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 LA MADERA 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
La Madera, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$121
$112
Ownwell’s LA MADERA Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in LA MADERA with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in LA MADERA to provide an accurate property tax bill estimate. This valuable tool aids in understanding potential tax liabilities, offering peace of mind and financial clarity. For those interested in neighborhood-specific trends, more localized information is available below. Your property’s assessed value, determined by the county, is crucial for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across La Madera, New Mexico
Property taxes in LA MADERA, 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 LA MADERA is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within LA MADERA set these rates annually, and they can vary significantly across different neighborhoods. Each year, LA MADERA 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 LA MADERA's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 87539 has both the highest and lowest median property tax rate of 0.76%. Understanding how these cities compare with LA MADERA 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 La Madera Tax Rate
0.76%
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 La Madera, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87539 | 0.76% | 0.76% | 0.76% | 0.76% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across La Madera, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in LA MADERA, NM. 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 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. Assessment notices in LA MADERA 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. For example, the highest and lowest median tax bills in the area are both $120, found in the 87539 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average La Madera Assessed Value
$15,863
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 La Madera, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87539 | $15,863 | $15,863 | $15,863 | $15,863 | $15,863 |
Source: Ownwell
Property Tax Bills Across La Madera, New Mexico
In LA MADERA, NM, property tax bills are calculated based on the assessed value of your home. The assessed value is a percentage of the market value of the property, determined by the local tax assessor. The median home price in LA MADERA is $15,863, which directly influences the property tax bill. For homeowners, the property tax rate in LA MADERA is relatively low compared to the national median property tax rate of 0.99%. Several factors contribute to the final tax bill, including the local tax rate and any applicable exemptions. In LA MADERA, the tax bills for the 25th, 75th, and 90th percentiles are all $120, which indicates a consistent property tax rate across different property values. This consistency can be beneficial for homeowners, providing predictability in their annual expenses. The highest and lowest median tax bills in the area are also $120, underscoring the uniformity in tax assessments. This predictable and relatively low tax burden can make homeownership more affordable and manageable in LA MADERA.
Average La Madera Tax Bill
$120
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 La Madera, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87539 | $120 | $120 | $120 | $120 | $120 |
Source: Ownwell