Glorieta, New Mexico Property Taxes
The median property tax rate in Glorieta, NM is 0.57%, which is significantly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Glorieta at $215,768, the typical annual property tax bill comes to $1,081, well below the national median of $2,690. Property taxes in Glorieta are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Glorieta'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 Glorieta 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
Glorieta, New Mexico Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,720
Ownwell’s Glorieta Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Glorieta with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Glorieta 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 Glorieta, New Mexico
Property taxes in Glorieta, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Glorieta is 0.57%, which is lower than the U.S. national median of 0.99%. Local government entities within Glorieta set these rates annually, and they can vary significantly across different neighborhoods. Each year, Glorieta 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 Glorieta's effective property tax rate to other areas in Santa Fe County and the national median. For comparison, the 87535 zip code has the highest median property tax rate of 0.57%, while the same zip code also has the lowest median tax rate of 0.57%. Understanding how these cities compare with Glorieta 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 Glorieta Tax Rate
0.57%
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 Glorieta, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87535 | 0.28% | 0.44% | 0.57% | 0.65% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Glorieta, New Mexico
In Glorieta, 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 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 Glorieta, 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 Glorieta helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in the area is $1081 in zip code 87535, reflecting the uniformity in tax assessments within this region.
Property Tax Assessment Values Across Glorieta, New Mexico
Source: Ownwell
$1,339
$17,112,545
$34,223,750
Average Glorieta Assessed Value
$215,768
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 Glorieta, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87535 | $23,751 | $117,038 | $215,768 | $341,113 | $492,972 |
Source: Ownwell
Property Tax Bills Across Glorieta, New Mexico
In Glorieta, located in Santa Fe County, NM, property tax bills are determined by assessing the property's market value and applying the local tax rate. This process begins with the county assessor evaluating the market value of homes, which in Glorieta averages around $215,768. Once the market value is established, the assessed value is calculated, typically a percentage of the market value, and the local tax rate is applied to this assessed value. Homeowners in Glorieta can expect varying tax bills. For instance, the 25th percentile tax bill stands at $459, while the 75th percentile reaches $1,850, and the 90th percentile can go up to $2,885. These figures illustrate the range of property taxes homeowners might encounter, influenced by the value of their property and the local tax rate. This range can significantly impact household budgets, making it crucial for homeowners to stay informed about how their property taxes are calculated and how they can manage these expenses effectively.
Average Glorieta Tax Bill
$1,081
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 Glorieta, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87535 | $46 | $459 | $1,081 | $1,850 | $2,885 |
Source: Ownwell