Tererro, New Mexico Property Taxes
The median property tax rate in Tererro, NM is 0.56%, 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 Tererro at $249,049, the typical annual property tax bill is $1,549, which is below the national median of $2,690. Property taxes in Tererro are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Tererro'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 Tererro 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
Tererro, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$1,395
Ownwell’s Tererro Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Tererro with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Tererro to provide an accurate estimate of your property tax bill. This invaluable tool sheds light on potential tax liabilities, helping you make informed decisions. For those interested in more granular insights, additional neighborhood-level information is available below. Your property’s assessed value, determined by Santa Fe County, is crucial for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Tererro, New Mexico
Property taxes in Tererro, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tererro is 0.56%, which is significantly lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Tererro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tererro 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 Tererro's effective property tax rate to other areas in Santa Fe County and the national median. For comparison, the zip code 87573 has both the highest and lowest median property tax rate of 0.56%. Understanding how these areas compare with Tererro 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 Tererro Tax Rate
0.56%
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 Tererro, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87573 | 0.43% | 0.48% | 0.56% | 0.64% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Tererro, New Mexico
In Tererro, 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 Tererro, 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 Tererro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Tererro is $249,049, with median tax bills ranging from $1,080 to $2,300. The highest and lowest median tax bill in the area is $1,549, found in the 87573 zip code.
Average Tererro Assessed Value
$249,049
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 Tererro, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87573 | $172,359 | $201,118 | $249,049 | $296,980 | $325,739 |
Source: Ownwell
Property Tax Bills Across Tererro, New Mexico
Property tax bills in Tererro, located in Santa Fe County, NM, are calculated based on the assessed value of a property and the local tax rate. The assessed value, determined by the county assessor, reflects the market value of the home. The tax rate is applied to this assessed value to determine the annual tax bill. Homeowners in Tererro experience a range of property tax bills, with the 25th percentile at $1,080 and the 75th percentile at $2,018, while the 90th percentile reaches $2,300. When compared to the national median property tax rate of 0.99%, Tererro's property tax rate can vary, impacting homeowners differently based on their property's assessed value. For example, a home with a median price of $249,049 would see varying tax bills depending on specific local tax rates and exemptions applied. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly, ensuring they are prepared for their annual property tax responsibilities.
Average Tererro Tax Bill
$1,549
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 Tererro, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87573 | $798 | $1,080 | $1,549 | $2,018 | $2,300 |
Source: Ownwell