Socorro, Socorro County, New Mexico Property Taxes

Name: Property Tax Bills Across Socorro, Socorro County, New Mexico
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Socorro, NM effective property tax rate: 1.07%, slightly higher than the national median of 1.02%, but lower than the New Mexico state median of 0.86%.
Median Socorro, NM home value: $9,770
Median annual Socorro, NM tax bill: $101, $2,299 lower than the national median property tax bill of $2,400.

How are property taxes in Socorro County calculated?

Property taxes in Socorro, NM are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Socorro’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Socorro, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Socorro, Socorro County, New Mexico Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.07%

Estimate Property Tax Bill

$105

$97

Ownwell’s Socorro Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Socorro with just two data points.

By entering your property's estimated assessed value, our calculator applies Socorro’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations.

This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Socorro County.

For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Socorro, Socorro County, New Mexico

Local government entities are responsible for setting tax rates, which can differ significantly within a state. Each county, including Socorro, annually estimates its required budget to provide essential services and divides this by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. Although votes and laws play a role in determining tax rates and budgets, this is essentially the annual process. In Socorro, located in New Mexico, the effective property tax rate stands at 1.07%. This is slightly above the national median property tax rate of 1.02%. When comparing Socorro to other cities within New Mexico, it shares the same median tax rate, indicating a uniformity in how property taxes are assessed in the area. Understanding these rates helps property owners make informed decisions about their investments and anticipate their tax obligations.

Property Tax Rates Across Socorro, Socorro County, New Mexico

Source: Ownwell

0.89%

0.98%

1.07%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Socorro Tax Rate

1.07%

Median Effective Socorro County Tax Rate

0.98%

Median Effective New Mexico Tax Rate

0.86%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Socorro, Socorro County, New Mexico

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
87801	0.89%	1.06%	1.07%	1.07%	1.07%

Source: Ownwell

Property Tax Assessment Values Across Socorro, Socorro County, New Mexico

When examining property taxes in Socorro, NM, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Socorro County Assessor estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Socorro County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Socorro.

For example, the median home price in Socorro is $9,770, with tax bills ranging significantly across the county. Zip code 87801 has the highest median home price at $9,770.

Property Tax Assessment Values Across Socorro, Socorro County, New Mexico

Source: Ownwell

$7,464

$15,712

$23,960

Median Socorro Market Value

$9,770

Median Socorro County Market Value

$10,114

Median New Mexico Market Value

$121,540

Median United States Market Value

$235,294

Property Tax Assessment Values Across Socorro, Socorro County, New Mexico

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
87801	$2,942	$4,839	$9,770	$21,965	$77,292

Source: Ownwell

Property Tax Bills Across Socorro, Socorro County, New Mexico

In Socorro, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The property tax rate is applied to this assessed value to calculate the annual tax bill. In Socorro County, the median home price is notably low at $9,770, leading to a median tax bill of $101. This is significantly lower than the national median property tax bill of $2,400. Tax bills can vary widely; the 25th percentile tax bill is $50, while the 90th percentile reaches $817. Factors such as property location and improvements can influence the assessed value, impacting the final tax bill. For homeowners, these taxes can be a financial burden, especially if the assessed value increases unexpectedly. Ownwell offers valuable services to help homeowners in Socorro potentially reduce their property tax bills. By providing expert property tax appeal and exemption services, Ownwell assists homeowners in ensuring their property is assessed fairly, potentially leading to significant savings.

Property Tax Bills Across Socorro, Socorro County, New Mexico

Source: Ownwell

$71

$153

$235

Median Socorro Tax Bill

$101

Median Socorro County Tax Bill

$102

Median New Mexico Tax Bill

$1,192

Median United States Tax Bill

$2,400

Property Tax Bills Across Socorro, Socorro County, New Mexico

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
87801	$30	$50	$101	$225	$817

Source: Ownwell