Sandia Park, New Mexico Property Taxes
The median property tax rate in Sandia Park, NM is 0.72%, considerably lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Sandia Park, the typical annual property tax bill reaches $3,853, well above the national median of $2,690. Property taxes in Sandia Park are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Sandia Park'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 Sandia Park 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
Sandia Park, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$3,886
Ownwell’s Sandia Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sandia Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sandia Park 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 Sandia Park, New Mexico
Property taxes in Sandia Park, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sandia Park is 0.72%, lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Sandia Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sandia Park 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 Sandia Park's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 87047 has the highest and lowest median property tax rate of 0.72%. Understanding how these cities compare with Sandia Park 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 Sandia Park Tax Rate
0.72%
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 Sandia Park, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87047 | 0.69% | 0.71% | 0.72% | 0.72% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Sandia Park, New Mexico
In Sandia Park, New Mexico, understanding the difference between "market value" and "assessed value" is essential 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 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 Sandia Park, 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 Sandia Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Sandia Park is $539,732, with tax bills ranging from $1,688 at the 25th percentile to $5,485 at the 90th percentile. The highest and lowest median tax bill in Sandia Park is $3,853, both found in the 87047 zip code.
Average Sandia Park Assessed Value
$539,732
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 Sandia Park, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87047 | $65,994 | $231,823 | $539,732 | $646,766 | $760,244 |
Source: Ownwell
Property Tax Bills Across Sandia Park, New Mexico
Property tax bills in Sandia Park, located in Sandoval County, NM, are calculated based on the assessed value of the property. The assessed value is typically a percentage of the property's market value. For example, if your home's market value is $539,732, the assessed value will be a fraction of that amount, determined by local assessment rates. The tax rate is then applied to the assessed value to determine the annual tax bill. Factors like property improvements, neighborhood developments, and local government budgets can influence this rate. Property taxes in Sandia Park can vary significantly. For instance, homeowners in the 25th percentile pay around $1,688 annually, while those in the 75th percentile face bills of up to $4,651. The highest median tax bill in the area is $3,853, aligning with the national median property tax rate of 0.99%. These taxes are crucial for funding local services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners.
Average Sandia Park Tax Bill
$3,853
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 Sandia Park, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87047 | $500 | $1,688 | $3,853 | $4,651 | $5,485 |
Source: Ownwell