Socorro County, New Mexico Property Taxes
The median property tax rate in Socorro County is 0.98%, which is just below the national median of 0.99% but higher than New Mexico's state median of 0.86%. Given the median home value in Socorro County, the typical annual property tax bill is $102, significantly lower than the national median of $2,690. Property taxes in Socorro County are calculated based on the tax assessed value, which often falls below the actual market value due to various property tax exemptions such as those for primary residences and agricultural properties. Understanding Socorro County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can lead to substantial annual savings. Whether you reside in Socorro or another part of the county, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Socorro County, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$99
$92
Ownwell’s Socorro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Socorro with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Socorro to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Socorro County, New Mexico
Property taxes in Socorro County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Socorro County is 0.98%, which is slightly lower than the New Mexico state median but close to the U.S. national median of 0.99%. Local government entities within Socorro County set these rates annually, and they can vary significantly between different areas within the county. Each year, Socorro County estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Socorro County's effective property tax rate with other areas in New Mexico and the national median. For comparison, the city of Socorro has one of the higher property tax rates in New Mexico at 1.07%, while the city of Claunch boasts one of the lowest at 0.68%. Analyzing how Socorro County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Socorro County Tax Rate
0.98%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Socorro County, New Mexico
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Bosque | 0.98% | 0.98% | 0.98% | 0.98% | 1.06% |
| Claunch | N/A | N/A | N/A | N/A | N/A |
| La Joya | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% |
| Lemitar | 0.89% | 0.89% | 0.89% | 0.89% | 1.07% |
| Magdalena | 0.89% | 0.91% | 0.92% | 0.94% | 0.96% |
| Polvadera | 0.89% | 0.89% | 0.89% | 0.89% | 0.89% |
| San Acacia | 0.89% | 0.89% | 0.89% | 0.89% | 0.89% |
| San Antonio | 0.89% | 0.89% | 0.89% | 0.89% | 0.91% |
| Socorro | 0.89% | 1.06% | 1.07% | 1.07% | 1.07% |
| Veguita | 0.98% | 0.98% | 0.98% | 0.98% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Socorro County, New Mexico
In Socorro County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Socorro County Appraisal District. The assessed value, however, 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. Assessment notices in Socorro County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. The median home price in Socorro County is $10,114, with tax bills ranging from $48 at the 25th percentile to $681 at the 90th percentile. Claunch has the highest median tax bill at $376, while Socorro has the lowest at $101. Being aware of these valuation processes in Socorro County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Socorro County Assessed Value
$10,114
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Socorro County, New Mexico
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Bosque | $2,682 | $4,699 | $12,914 | $32,759 | $75,331 |
| Claunch | N/A | N/A | N/A | N/A | N/A |
| La Joya | $4,497 | $10,224 | $23,960 | $34,648 | $75,497 |
| Lemitar | $2,011 | $2,682 | $7,464 | $18,622 | $39,326 |
| Magdalena | $3,310 | $8,614 | $19,035 | $51,470 | $125,058 |
| Polvadera | $4,769 | $6,810 | $9,722 | $13,932 | $25,749 |
| San Acacia | $2,738 | $8,008 | $19,169 | $39,679 | $76,300 |
| San Antonio | $5,130 | $8,446 | $14,662 | $37,863 | $77,728 |
| Socorro | $2,942 | $4,839 | $9,770 | $21,965 | $77,292 |
| Veguita | $2,682 | $4,699 | $10,294 | $20,547 | $52,270 |
Source: Ownwell
Property Tax Bills Across Socorro County, New Mexico
In Socorro County, NM, property tax bills are calculated based on the assessed value of a home. The assessment process determines the property's market value, which is then multiplied by the local tax rate to calculate the annual tax bill. Various factors influence the assessed value, including the property's location, size, and condition. Once the market value is established, exemptions and deductions may be applied, potentially lowering the taxable amount. Homeowners in Socorro County experience a range of tax bills. The median home price stands at $10,114, with tax bills ranging from $48 at the 25th percentile to $681 at the 90th percentile. The highest median tax bill in the county is found in Claunch at $376, while Socorro city has the lowest at $101. Compared to the national median property tax rate of 0.99%, Socorro County's rates can be relatively modest, offering some financial relief to homeowners. Understanding these factors helps homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Socorro County Tax Bill
$102
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Socorro County, New Mexico
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Bosque | $26 | $46 | $130 | $322 | $738 |
| Claunch | N/A | N/A | N/A | N/A | N/A |
| La Joya | $44 | $100 | $235 | $339 | $743 |
| Lemitar | $18 | $24 | $71 | $178 | $357 |
| Magdalena | $35 | $87 | $180 | $443 | $1,169 |
| Polvadera | $43 | $61 | $87 | $123 | $230 |
| San Acacia | $24 | $71 | $171 | $356 | $681 |
| San Antonio | $46 | $83 | $141 | $338 | $694 |
| Socorro | $30 | $50 | $101 | $225 | $817 |
| Veguita | $26 | $46 | $101 | $205 | $528 |
Source: Ownwell