Gilbert, New Mexico Property Taxes
The median property tax rate in Gilbert, NM is 0.72%, notably lower than both the national median of 0.99% and New Mexico's state median of 0.86%. With the median home value in Gilbert, the typical annual property tax bill is just $13, significantly below the national median of $2,690. Property taxes in Gilbert 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 Gilbert'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 Gilbert 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
Gilbert, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$13
$12
Ownwell’s Gilbert Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Gilbert with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gilbert to provide an accurate estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities, helping you make informed decisions. For those interested in more detailed trends at the neighborhood level, additional localized information is available. Your property’s assessed value is determined by the county for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Gilbert, New Mexico
Property taxes in Gilbert, 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 Gilbert is 0.72%, which is lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Gilbert set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gilbert 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 Gilbert's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 85299 zip code has the highest median property tax rate of 0.72%, while the same zip code also has the lowest median tax rate of 0.72%. Understanding how these cities compare with Gilbert 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 Gilbert Tax Rate
0.72%
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 Gilbert, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 85299 | 0.72% | 0.72% | 0.72% | 0.72% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Gilbert, New Mexico
In Gilbert, 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 local 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 Gilbert, 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. The median home price in Gilbert is $1771, offering a clear benchmark for property owners. 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 Gilbert helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gilbert Assessed Value
$1,771
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 Gilbert, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 85299 | $1,771 | $1,771 | $1,771 | $1,771 | $1,771 |
Source: Ownwell
Property Tax Bills Across Gilbert, New Mexico
In Gilbert, New Mexico, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by the county assessor's office and is typically a percentage of your property's market value. The median home price in Gilbert is $1,771, which is significantly lower than the national median, making property taxes relatively affordable in this area. The tax rate in Santa Fe County, where Gilbert is located, is applied to the assessed value to determine the annual tax bill. For instance, homeowners in the 25th, 75th, and 90th percentiles all face a tax bill of $13. This uniformity suggests a stable and predictable property tax environment, which can be beneficial for budgeting and financial planning. Factors such as property improvements, neighborhood developments, and changes in the local real estate market can influence the assessed value, thereby affecting the tax bill. For homeowners, understanding these elements is crucial as they directly impact annual expenses and long-term financial planning.
Average Gilbert Tax Bill
$13
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 Gilbert, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 85299 | $13 | $13 | $13 | $13 | $13 |
Source: Ownwell