Llano, New Mexico Property Taxes
The median property tax rate in Llano, NM is 0.58%, significantly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With a median home value of $80,976 in Llano, the typical annual property tax bill is $465, which is well below the national median of $2,690. Property taxes in Llano are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Llano'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 Llano or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Llano, New Mexico Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,720
Ownwell’s Llano Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Llano with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Llano 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 Llano, New Mexico
Property taxes in Llano, New Mexico, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Llano is 0.58%, which is below the U.S. national median of 0.99%. Local government entities within Llano set these rates annually, and they can vary significantly across different neighborhoods. Each year, Llano 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 Llano's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87543 zip code has the highest median property tax rate of 0.58%, while the same zip code also has the lowest median tax rate of 0.58%. Understanding how these cities compare with Llano provides valuable insights into the varying tax landscape across Taos County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Llano Tax Rate
0.58%
Average Taos County Tax Rate
0.59%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Llano, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87543 | 0.57% | 0.57% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Llano, New Mexico
In Llano, 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 Taos 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 Llano, 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. For instance, the median home price in Llano is $80,976, with tax bills ranging from $302 at the 25th percentile to $725 at the 90th percentile. The highest and lowest median tax bills recorded are both $465 in the 87543 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Llano Assessed Value
$80,976
Average Taos County Assessed Value
$25,092
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Llano, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87543 | $35,388 | $52,484 | $80,976 | $109,468 | $126,564 |
Source: Ownwell
Property Tax Bills Across Llano, New Mexico
In Llano, NM, property tax bills are calculated based on the assessed value of the property and the applicable tax rate. The assessed value is determined by the local county assessor and is a percentage of the property's market value. For homeowners in Llano, the median home price is $80,976. The tax rate then applies to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions. In Llano, the property tax bills range significantly. At the 25th percentile, homeowners can expect to pay around $302 annually, while those at the 75th percentile pay approximately $628. The 90th percentile tax bill reaches up to $725. This property tax system impacts homeowners by directly influencing their annual expenses. In comparison, Llano’s median property tax rate is relatively lower than the national median property tax rate of 0.99%, making it more affordable for residents.
Average Llano Tax Bill
$465
Average Taos County Tax Bill
$178
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Llano, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87543 | $204 | $302 | $465 | $628 | $725 |
Source: Ownwell