Tijeras, New Mexico Property Taxes
The median property tax rate in Tijeras, NM is 0.65%, 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 Tijeras, the typical annual property tax bill is $41, which is far below the national median of $2,690. Property taxes in Tijeras are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Tijeras'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 Tijeras 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
Tijeras, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$41
Ownwell’s Tijeras Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Tijeras with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tijeras to forecast your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in seeing trends on a neighborhood level, scrolling down reveals more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, considering any exemptions that may apply.
Property Tax Rates Across Tijeras, New Mexico
Property taxes in Tijeras, 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 Tijeras is 0.65%, which is lower than the U.S. national median of 0.99%. Local government entities within Tijeras set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tijeras 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 Tijeras's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 87059 has both the highest and the lowest median property tax rate in Tijeras, standing at 0.65%. Understanding how these cities compare with Tijeras 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 Tijeras Tax Rate
0.65%
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 Tijeras, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87059 | 0.64% | 0.64% | 0.65% | 0.65% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Tijeras, New Mexico
In Tijeras, 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 Tijeras, 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 Tijeras helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Tijeras, the median home price is $6,291. The 25th percentile tax bill is $41, while the 75th percentile tax bill is $537, and the 90th percentile tax bill is $835.
Average Tijeras Assessed Value
$6,291
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 Tijeras, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87059 | $6,261 | $6,272 | $6,291 | $84,370 | $131,218 |
Source: Ownwell
Property Tax Bills Across Tijeras, New Mexico
In Tijeras, located in Santa Fe County, NM, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the county assessor and reflects a percentage of the property's market value. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. Several factors influence the property tax bill, including the property's location, size, and improvements. In Tijeras, the median home price is $6,291, leading to varying tax bills across different percentiles. For instance, homeowners at the 25th percentile pay around $41, while those at the 75th percentile pay approximately $537. At the 90th percentile, the tax bill can reach up to $835. These property taxes are crucial for funding local services such as schools, infrastructure, and public safety. Homeowners in Tijeras benefit from a relatively low property tax rate compared to the national median of 0.99%, making it a financially appealing place to own property.
Average Tijeras Tax Bill
$41
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 Tijeras, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87059 | $41 | $41 | $41 | $537 | $835 |
Source: Ownwell