Regina, New Mexico Property Taxes
The median property tax rate in Regina, 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 the median home value in Regina, the typical annual property tax bill is $386, significantly below the national median of $2,690. Property taxes in Regina are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Regina'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 Regina 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
Regina, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$443
$411
Ownwell’s Regina Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Regina using just two data points. By inputting your property's estimated assessed value, the calculator applies the median tax rate in Regina to provide an estimate of your property tax bill. This invaluable tool helps you grasp potential tax liabilities, aiding in financial planning and decision-making. For those interested in neighborhood-level trends, you can find more localized information by scrolling down. Your property’s assessed value is determined by the county for tax calculations, factoring in any applicable exemptions, ensuring accuracy in your tax estimates.
Property Tax Rates Across Regina, New Mexico
Property taxes in Regina, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Regina is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Regina set these rates annually, and they can vary significantly across different neighborhoods. Each year, Regina 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 Regina's effective property tax rate to other areas in New Mexico and the national median. For comparison, the 87046 zip code has both the highest and lowest median property tax rate of 0.79%. Understanding how these areas compare with Regina 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 Regina 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 Regina, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87046 | 0.55% | 0.76% | 0.79% | 0.79% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Regina, New Mexico
In Regina, 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 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 Regina, 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. Regina's median home price is $56,018, with tax bills ranging from $201 at the 25th percentile to $1,129 at the 90th percentile. The zip code 87046 has both the highest and lowest median tax bill of $386. 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 Regina helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Regina Assessed Value
$56,018
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 Regina, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87046 | $8,503 | $25,188 | $56,018 | $94,516 | $142,412 |
Source: Ownwell
Property Tax Bills Across Regina, New Mexico
In Regina, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Regina, located in Sandoval County, see a range of property tax bills. For instance, the 25th percentile tax bill is $201, while the 75th percentile reaches $736, and the 90th percentile can be as high as $1129. Factors influencing the tax bill include the property's assessed value and any applicable exemptions or deductions. The national median property tax rate is 0.99%, providing a benchmark for comparison. Homeowners in Regina may find their tax bills vary significantly depending on their property's value and the specific tax rate applied. This variation can impact household budgets, making it essential for homeowners to understand how their tax obligations are calculated. The highest and lowest median tax bills in the area are both recorded at $386 in the 87046 zip code, indicating some consistency in property tax assessments within that locality.
Average Regina Tax Bill
$386
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 Regina, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87046 | $45 | $201 | $386 | $736 | $1,129 |
Source: Ownwell