Madrid, New Mexico Property Taxes
The median property tax rate in Madrid, NM is 0.55%, 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 Madrid, the typical annual property tax bill amounts to $1,192, which is well below the national median of $2,690. Property taxes in Madrid are calculated based on the tax assessed value, often lower than the market value due to various exemptions, including those for primary residences and agricultural properties. Understanding Madrid's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Madrid or another part of Santa Fe County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Madrid, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$1,204
Ownwell’s Madrid Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Madrid with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Madrid 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 Madrid, New Mexico
Property taxes in Madrid, New Mexico, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Madrid is 0.55%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Madrid set these rates annually, and they can vary significantly across different neighborhoods. Each year, Madrid 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 Madrid's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87010 zip code has the highest median property tax rate of 0.55%, while the same zip code also has the lowest median tax rate of 0.55%. Understanding how these areas compare with Madrid 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 Madrid Tax Rate
0.55%
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 Madrid, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87010 | 0.51% | 0.54% | 0.55% | 0.71% | 0.71% |
Source: Ownwell
Property Tax Assessment Values Across Madrid, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Madrid, New Mexico. The market value represents 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 Madrid, 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. For instance, the median home price is $218,909, with tax bills ranging from $806 at the 25th percentile to $4,274 at the 90th percentile. The zip code with the highest median tax bill is 87010, at $1,192. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Madrid Assessed Value
$218,909
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 Madrid, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87010 | $97,102 | $155,654 | $218,909 | $300,890 | $598,667 |
Source: Ownwell
Property Tax Bills Across Madrid, New Mexico
In Madrid, located in Santa Fe County, NM, property tax bills are calculated based on the assessed value of your home, which is determined by the county assessor. The median home price in this area is $218,909. Property taxes are influenced by the local tax rate and the assessed value of the property. For homeowners in Madrid, tax bills can vary widely. For example, the 25th percentile tax bill is $806, while the 75th percentile tax bill is $1,569. At the higher end, the 90th percentile tax bill reaches $4,274, reflecting the impact of higher property values or additional assessments. Homeowners should be aware that the tax rate in Santa Fe County may differ from the national median property tax rate of 0.99%. This can significantly affect annual tax obligations. Understanding these factors helps homeowners anticipate their financial responsibilities and manage their budgets more effectively.
Average Madrid Tax Bill
$1,192
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 Madrid, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87010 | $538 | $806 | $1,192 | $1,569 | $4,274 |
Source: Ownwell