La Joya, New Mexico Property Taxes
The median property tax rate in LA JOYA, NM is 0.98%, slightly below the national median of 0.99% but higher than the New Mexico state median of 0.86%. With the median home value in LA JOYA at $23,960, the typical annual property tax bill amounts to $235, significantly lower than the national median of $2,690. Property taxes in LA JOYA are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding LA JOYA'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 LA JOYA or another part of Socorro County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
La Joya, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$235
Ownwell’s LA JOYA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LA JOYA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LA JOYA 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 La Joya, New Mexico
Property taxes in LA JOYA, 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 LA JOYA is 0.98%, slightly below the U.S. national median of 0.99%. Local government entities within LA JOYA set these rates annually, and they can vary across different neighborhoods. Each year, LA JOYA 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 LA JOYA's effective property tax rate to other areas in Socorro County and the national median. For comparison, the zip code 87028 has the highest median property tax rate of 0.98%, while the same zip code also has the lowest median tax rate of 0.98%. Understanding how these areas compare with LA JOYA provides valuable insights into the varying tax landscape across Socorro County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average La Joya Tax Rate
0.98%
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 La Joya, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87028 | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across La Joya, New Mexico
In LA JOYA, 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 Socorro 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 LA JOYA, 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 LA JOYA helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 87028 with $235, which is also the lowest median tax bill in the region.
Average La Joya Assessed Value
$23,960
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 La Joya, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87028 | $4,497 | $10,224 | $23,960 | $34,648 | $75,497 |
Source: Ownwell
Property Tax Bills Across La Joya, New Mexico
In La Joya, Socorro County, NM, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. The assessed value typically represents a percentage of the property's market value. Homeowners in La Joya can expect their property tax rate to be influenced by local government budgets and voter-approved measures. For instance, the median home price in La Joya is $23,960, and property taxes are relatively low compared to the national median property tax rate of 0.99%. Tax bills in this area range from $100 at the 25th percentile to $743 at the 90th percentile, with the highest median tax bill recorded at $235 in the zip code 87028. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Homeowners should be aware of these factors as they contribute to the overall cost of owning property in La Joya.
Average La Joya Tax Bill
$235
Average Socorro County Tax Bill
$102
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across La Joya, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87028 | $44 | $100 | $235 | $339 | $743 |
Source: Ownwell