Socorro, New Mexico Property Taxes
The median property tax rate in Socorro, NM is 1.07%, slightly higher than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Socorro, the typical annual property tax bill reaches $101, significantly below the national median of $2,690. Property taxes in Socorro are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Socorro'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 Socorro or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Socorro, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$105
$97
Ownwell’s Socorro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Socorro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Socorro 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 Socorro, New Mexico
Property taxes in Socorro, 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 Socorro is 1.07%, which is higher than the U.S. national median of 0.99%. Local government entities within Socorro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Socorro 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 Socorro's effective property tax rate to the national median. For comparison, the highest and lowest median property tax rates in Socorro are both 1.07%, found in the 87801 zip code. Understanding how these rates compare with other areas 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 Socorro Tax Rate
1.07%
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, 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, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Socorro, NM. 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 local 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 Socorro, 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 Socorro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 87801 has both the highest and lowest median tax bills, valued at $101.
Average Socorro Assessed Value
$9,770
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, 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, New Mexico
In Socorro, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the property's market value. Homeowners in Socorro typically see a wide range in their tax bills. For instance, the 25th percentile tax bill is around $50, while the 75th percentile reaches $225, and the 90th percentile can go up to $817. The median home price in the area is $9,770, which influences these tax bills. Several factors contribute to the final tax bill, including the property's location within the county, any applicable exemptions, and the local tax rate. Socorro's property tax rate may be compared to the national median property tax rate of 0.99%, offering a context for understanding local tax burdens. Homeowners must consider these factors as they can significantly impact annual expenses, influencing decisions on property investments and financial planning.
Average Socorro Tax Bill
$101
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, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87801 | $30 | $50 | $101 | $225 | $817 |
Source: Ownwell