Edgewood, New Mexico Property Taxes
The median property tax rate in Edgewood, NM is 0.61%, 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 Edgewood, the typical annual property tax bill reaches $1,191, which is well below the national median of $2,690. Property taxes in Edgewood 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 Edgewood'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 Edgewood 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
Edgewood, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$1,285
Ownwell’s Edgewood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Edgewood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Edgewood 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 Edgewood, New Mexico
Property taxes in Edgewood, New Mexico, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Edgewood is 0.61%, lower than the U.S. national median of 0.99%. Local government entities within Edgewood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Edgewood 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 Edgewood's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87015 zip code has both the highest and lowest median property tax rate of 0.61%. Understanding how these areas compare with Edgewood provides valuable insights into the varying tax landscape across Santa Fe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Edgewood Tax Rate
0.61%
Average Santa Fe County Tax Rate
0.55%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Edgewood, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87015 | 0.43% | 0.52% | 0.61% | 0.68% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Edgewood, New Mexico
In Edgewood, 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 Santa Fe 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 Edgewood, 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 Edgewood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 87015, both at $1,191.
Average Edgewood Assessed Value
$210,589
Average Santa Fe County Assessed Value
$365,234
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Edgewood, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87015 | $29,688 | $104,750 | $210,589 | $319,812 | $430,128 |
Source: Ownwell
Property Tax Bills Across Edgewood, New Mexico
In Edgewood, NM, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. The median home price in Edgewood is $210,589. Factors such as the property's location within Santa Fe County, any applicable exemptions, and the local tax rate contribute to the final tax bill. For instance, the tax bill for the 25th percentile is around $580, while for the 75th percentile, it rises to $1,868. Homeowners at the 90th percentile can expect to pay up to $2,650. The highest median tax bill in the area is $1,191, which contrasts with the national median property tax rate of 0.99%. This means that while some homeowners in Edgewood may pay less than the national average, others could face higher tax bills depending on their property's assessed value and applicable exemptions. Understanding these factors can help homeowners better anticipate their annual property tax obligations and plan accordingly.
Average Edgewood Tax Bill
$1,191
Average Santa Fe County Tax Bill
$1,886
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Edgewood, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87015 | $152 | $580 | $1,191 | $1,868 | $2,650 |
Source: Ownwell