Penasco, New Mexico Property Taxes
The median property tax rate in Penasco, NM is 0.54%, significantly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Penasco at $25,706, the typical annual property tax bill is $157, considerably below the national median of $2,690. Property taxes in Penasco 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 Penasco'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 Penasco 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
Penasco, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.54%
Estimate Property Tax Bill
$139
Ownwell’s Penasco Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Penasco with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Penasco 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 Penasco, New Mexico
Property taxes in Penasco, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Penasco is 0.54%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Penasco set these rates annually, and they can vary significantly across different neighborhoods. Each year, Penasco 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 Penasco's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 87553 has both the highest and lowest median property tax rate at 0.54%. Understanding how these cities compare with Penasco 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 Penasco Tax Rate
0.54%
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 Penasco, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87553 | 0.39% | 0.46% | 0.54% | 0.65% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Penasco, New Mexico
In Penasco, 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 Penasco, 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 Penasco helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 87553 has the highest and lowest median tax bill, both at $157, reflecting the unique property tax landscape in this area.
Average Penasco Assessed Value
$25,706
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 Penasco, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87553 | $4,869 | $11,426 | $25,706 | $53,516 | $142,562 |
Source: Ownwell
Property Tax Bills Across Penasco, New Mexico
In Penasco, located in Taos County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Penasco is $25,706, and the property tax rate is applied to this value to calculate the tax bill. Various factors such as property improvements, neighborhood changes, and market conditions can influence the assessed value. Homeowners in Penasco can expect tax bills that vary significantly. For instance, tax bills at the 25th percentile are around $63, while those at the 75th percentile reach $362. The 90th percentile tax bill can be as high as $973. These variations highlight the impact of property value and local tax rates on the tax burden. Compared to the national median property tax rate of 0.99%, Penasco's rates offer a unique perspective on how property taxes affect local homeowners.
Average Penasco Tax Bill
$157
Average Taos County Tax Bill
$178
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Penasco, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87553 | $27 | $63 | $157 | $362 | $973 |
Source: Ownwell