Monticello, New Mexico Property Taxes
The median property tax rate in Monticello, NM is 0.76%, which is notably lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With a median home value in Monticello of $82,926, the typical annual property tax bill is $603, significantly less than the national median of $2,690. Property taxes in Monticello are calculated based on the assessed value, which is often below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Monticello'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 Monticello or another part of Sierra County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Monticello, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$630
Ownwell’s Monticello Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monticello with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monticello 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 Monticello, New Mexico
Property taxes in Monticello, 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 Monticello is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Monticello set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monticello 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 Monticello's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 87939 has both the highest and lowest median property tax rate in the area, with a rate of 0.76%. Understanding how these cities compare with Monticello provides valuable insights into the varying tax landscape across Sierra County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monticello Tax Rate
0.76%
Average Sierra County Tax Rate
0.77%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monticello, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87939 | 0.72% | 0.72% | 0.76% | 0.76% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Monticello, New Mexico
In Monticello, 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 Sierra 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 Monticello, 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 Monticello helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Monticello is $82,926, with annual property tax bills ranging from $287 at the 25th percentile to $1,357 at the 90th percentile. The highest and lowest median tax bills are both found in zip code 87939, amounting to $603.
Average Monticello Assessed Value
$82,926
Average Sierra County Assessed Value
$44,145
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monticello, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87939 | $9,231 | $37,590 | $82,926 | $137,440 | $179,898 |
Source: Ownwell
Property Tax Bills Across Monticello, New Mexico
In Monticello, located in Sierra County, NM, property tax bills are calculated based on the assessed value of a home. The assessed value is typically a percentage of the home's market value, which is determined by local government assessors. For example, with a median home price of $82,926, the tax bill can vary significantly. Homeowners in the 25th percentile pay around $287, while those in the 75th percentile see bills closer to $1,006. The 90th percentile tax bill can reach up to $1,357. Several factors influence these amounts, including the property's location, size, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Sierra County's rates can be seen as relatively moderate. The highest and lowest median tax bills in the area are both recorded at $603, specifically within the 87939 zip code. These tax obligations impact homeowners by influencing their annual budgeting and long-term financial planning, making it essential to understand how these taxes are calculated and managed.
Average Monticello Tax Bill
$603
Average Sierra County Tax Bill
$335
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Monticello, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87939 | $114 | $287 | $603 | $1,006 | $1,357 |
Source: Ownwell