Golden, New Mexico Property Taxes
The median property tax rate in Golden, NM is 0.51%, 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 Golden, the typical annual property tax bill reaches $598, significantly below the national median of $2,690. Property taxes in Golden 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 Golden'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 Golden 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
Golden, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$786
Ownwell’s Golden Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Golden with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Golden 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 Golden, New Mexico
Property taxes in Golden, 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 Golden is 0.51%, which is lower than the U.S. national median of 0.99%. Local government entities within Golden set these rates annually, and they can vary significantly across different neighborhoods. Each year, Golden 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 Golden's effective property tax rate to other areas in New Mexico and the national median. For comparison, the zip code 87047 has both the highest and lowest median property tax rate of 0.51%. Understanding how these areas compare with Golden 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 Golden Tax Rate
0.51%
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 Golden, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87047 | 0.12% | 0.34% | 0.51% | 0.66% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Golden, New Mexico
In Golden, 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's Office 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 Golden, 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 Golden helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 87047 has both the highest and lowest median tax bill of $598.
Average Golden Assessed Value
$154,161
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 Golden, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87047 | $35,000 | $83,336 | $154,161 | $317,746 | $632,504 |
Source: Ownwell
Property Tax Bills Across Golden, New Mexico
In Golden, located in Santa Fe County, NM, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The county assessor determines this assessed value by evaluating various factors such as the property's size, location, and condition. Homeowners in Golden can expect their tax bills to vary significantly, with the 25th percentile tax bill at $369 and the 75th percentile reaching $1,402. For those in the higher end, the 90th percentile tax bill can go up to $3,124. These tax bills are then influenced by the local tax rate, which is applied to the assessed value to determine the final amount owed. Compared to the national median property tax rate of 0.99%, Golden’s property tax rate can lead to varying financial impacts on homeowners. For example, in the zip code 87047, the median tax bill is $598, reflecting the diverse range of property values and tax rates within the area. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Golden Tax Bill
$598
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 Golden, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87047 | $163 | $369 | $598 | $1,402 | $3,124 |
Source: Ownwell