Tucson, New Mexico Property Taxes
The median property tax rate in Tucson, NM is 0.72%, significantly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With a median home value of $6,698 in Tucson, the typical annual property tax bill is $48, far below the national median of $2,690. Property taxes in Tucson are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Tucson'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 Tucson or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tucson, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$48
Ownwell’s Tucson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tucson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tucson 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 Tucson, New Mexico
Property taxes in Tucson, NM, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Tucson is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Tucson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tucson 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 Tucson's effective property tax rate to other counties in the region and the national median. For comparison, the 85739 zip code has the highest median property tax rate of 0.72%, while the same zip code also has the lowest median tax rate of 0.72%. Understanding how these areas compare with Tucson 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 Tucson Tax Rate
0.72%
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 Tucson, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 85739 | 0.72% | 0.72% | 0.72% | 0.72% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Tucson, New Mexico
In Tucson, 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 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 Tucson, 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 Tucson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tucson Assessed Value
$6,698
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 Tucson, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 85739 | $6,698 | $6,698 | $6,698 | $6,698 | $6,698 |
Source: Ownwell
Property Tax Bills Across Tucson, New Mexico
In Tucson, Santa Fe County, NM, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by the county assessor and typically represents a percentage of the market value of your property. This assessed value is then multiplied by the local tax rate to calculate your annual property tax bill. Several factors influence the assessed value, including the size of the property, location, and any improvements made. In Tucson, the median home price is $6,698, and property tax bills can vary widely. For instance, the 25th, 75th, and 90th percentile tax bills are all $48, which is significantly lower than the national median property tax rate of 0.99%. Understanding how these factors come together to determine your property tax bill is crucial for homeowners. Lower property tax bills can make homeownership more affordable, but it’s essential to stay informed about potential changes in property assessments and tax rates that could impact your annual expenses.
Average Tucson Tax Bill
$48
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 Tucson, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 85739 | $48 | $48 | $48 | $48 | $48 |
Source: Ownwell