Pecos, New Mexico Property Taxes
The median property tax rate in Pecos, NM is 0.57%, 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 Pecos at $236,390, the typical annual property tax bill is $1,367, significantly below the national median of $2,690. Property taxes in Pecos 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 Pecos'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 Pecos 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
Pecos, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$1,347
Ownwell’s Pecos Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pecos with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pecos 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 Pecos, New Mexico
Property taxes in Pecos, 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 Pecos is 0.57%, which is lower than the U.S. national median of 0.99%. Local government entities within Pecos set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pecos 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. Understanding how Pecos' effective property tax rate compares with other areas provides valuable insights into the varying tax landscape across San Miguel County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pecos 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 Pecos, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87552 | 0.56% | 0.56% | 0.57% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Pecos, New Mexico
In Pecos, 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 Pecos, 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 Pecos helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,367, found in the 87552 zip code.
Average Pecos Assessed Value
$236,390
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 Pecos, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87552 | $141,068 | $176,814 | $236,390 | $295,965 | $331,711 |
Source: Ownwell
Property Tax Bills Across Pecos, New Mexico
In Pecos, property tax bills are calculated based on the assessed value of a property, which is determined by the Santa Fe County Assessor's Office. The assessed value is a percentage of the market value, reflecting current real estate trends. Homeowners in Pecos can expect their tax bills to vary significantly, influenced by factors such as property size, location, and improvements. For instance, the median home price in Pecos is $236,390, and the property tax rate is applied to this assessed value. The tax bill for homeowners can range widely, with the 25th percentile at $1,008 and the 75th percentile at $1,727. At the higher end, the 90th percentile tax bill reaches up to $1,942. This variability means that homeowners must budget accordingly, as their tax obligations can fluctuate based on property assessments and local tax rates. Compared to the national median property tax rate of 0.99%, Pecos residents experience a diverse range of tax bills, reflecting the unique characteristics of their properties and the local tax policies.
Average Pecos Tax Bill
$1,367
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 Pecos, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87552 | $793 | $1,008 | $1,367 | $1,727 | $1,942 |
Source: Ownwell