Santa Fe, New Mexico Property Taxes
The median property tax rate in Santa Fe, 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 Santa Fe at $396,640, the typical annual property tax bill reaches $2,086, which is below the national median of $2,690. Property taxes in Santa Fe are calculated based on the tax assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural land. Understanding Santa Fe'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 Santa Fe 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
Santa Fe, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$2,182
Ownwell’s Santa Fe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Santa Fe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Santa Fe 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 Santa Fe, New Mexico
Property taxes in Santa Fe, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Santa Fe is 0.55%, lower than both the New Mexico state median of 0.67% and the U.S. national median of 0.99%. Local government entities within Santa Fe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Santa Fe 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 Santa Fe's effective property tax rate to other areas in Santa Fe County and the national median. For comparison, the 87594 zip code has the highest median property tax rate of 0.78%, while the 87506 zip code has the lowest median tax rate of 0.52%. Understanding how these areas compare with Santa Fe 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 Santa Fe 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 Santa Fe, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87501 | 0.34% | 0.43% | 0.55% | 0.63% | 0.73% |
| 87502 | 0.53% | 0.72% | 0.72% | 0.72% | 0.74% |
| 87504 | 0.78% | 0.78% | 0.78% | 0.78% | 0.78% |
| 87505 | 0.37% | 0.45% | 0.53% | 0.62% | 0.71% |
| 87506 | 0.37% | 0.44% | 0.52% | 0.63% | 0.75% |
| 87507 | 0.37% | 0.47% | 0.58% | 0.72% | 0.78% |
| 87508 | 0.40% | 0.48% | 0.56% | 0.65% | 0.72% |
| 87540 | 0.72% | 0.72% | 0.72% | 0.75% | 0.79% |
| 87594 | 0.78% | 0.78% | 0.78% | 0.78% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Santa Fe, New Mexico
In Santa Fe, 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 Santa Fe, 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. For instance, the highest median tax bill in Santa Fe is in the 87506 zip code at $3,360, while the lowest is in the 87540 zip code at just $106. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Santa Fe Assessed Value
$396,640
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 Santa Fe, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87501 | $290,078 | $388,779 | $555,728 | $883,292 | $1,338,643 |
| 87502 | $1,581 | $1,932 | $2,093 | $6,581 | $9,080 |
| 87504 | $8,610 | $8,610 | $8,610 | $8,610 | $8,610 |
| 87505 | $185,601 | $301,193 | $426,335 | $652,971 | $999,028 |
| 87506 | $15,051 | $229,564 | $659,808 | $1,286,539 | $1,788,085 |
| 87507 | $11,442 | $80,956 | $299,312 | $393,781 | $544,925 |
| 87508 | $104,417 | $331,735 | $464,604 | $626,975 | $821,524 |
| 87540 | $6,832 | $8,432 | $14,594 | $14,594 | $19,965 |
| 87594 | $12,787 | $12,787 | $12,787 | $12,787 | $12,787 |
Source: Ownwell
Property Tax Bills Across Santa Fe, New Mexico
In Santa Fe, property tax bills are calculated based on the assessed value of a home, which is determined by the Santa Fe County Assessor's Office. The assessed value is typically a percentage of the property's market value. To calculate the tax bill, this assessed value is multiplied by the local tax rate, which varies across different areas within the county. Several factors influence the assessed value, including the home's market value, location, and any improvements made to the property. Homeowners in Santa Fe can expect a wide range of tax bills. For example, the 25th percentile tax bill is $1,231, while the 75th percentile tax bill reaches $3,521. The highest median tax bill in the region is $3,360 in the 87506 zip code, significantly higher than the national median property tax rate of 0.99%. These property taxes play a crucial role in funding local services, such as schools, public safety, and infrastructure, directly impacting the quality of life for Santa Fe residents.
Average Santa Fe Tax Bill
$2,086
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 Santa Fe, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87501 | $1,212 | $1,821 | $2,901 | $4,967 | $7,805 |
| 87502 | $9 | $13 | $16 | $31 | $67 |
| 87504 | $68 | $68 | $68 | $68 | $68 |
| 87505 | $847 | $1,420 | $2,201 | $3,572 | $5,664 |
| 87506 | $100 | $1,055 | $3,360 | $6,592 | $9,331 |
| 87507 | $82 | $509 | $1,514 | $2,237 | $3,164 |
| 87508 | $518 | $1,638 | $2,533 | $3,647 | $4,932 |
| 87540 | $61 | $90 | $106 | $127 | $166 |
| 87594 | $100 | $100 | $100 | $100 | $100 |
Source: Ownwell