Ranchos De Taos, New Mexico Property Taxes
The median property tax rate in Ranchos de Taos, NM is 0.62%, 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 Ranchos de Taos, the typical annual property tax bill amounts to $134, well below the national median of $2,690. Property taxes in Ranchos de Taos are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Ranchos de Taos'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 Ranchos de Taos 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
Ranchos De Taos, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$125
Ownwell’s Ranchos de Taos Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ranchos de Taos with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ranchos de Taos 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 Ranchos De Taos, New Mexico
Property taxes in Ranchos de Taos, 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 Ranchos de Taos is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Ranchos de Taos set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ranchos de Taos 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 Ranchos de Taos's effective property tax rate to other areas in New Mexico and the national median. For comparison, the zip code 87557 has the highest median property tax rate of 0.62%, while the same zip code also has the lowest median tax rate of 0.62%. Understanding how these areas compare with Ranchos de Taos 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 Ranchos De Taos Tax Rate
0.62%
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 Ranchos De Taos, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87557 | 0.37% | 0.51% | 0.62% | 0.73% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Ranchos De Taos, New Mexico
In Ranchos de Taos, 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 Assessor 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 Ranchos de Taos, 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 Ranchos de Taos helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $134.00, found in zip code 87557, which also has the lowest median tax bill of $134.00.
Property Tax Assessment Values Across Ranchos De Taos, New Mexico
Source: Ownwell
$5,940
$120,929
$235,917
Average Ranchos De Taos Assessed Value
$20,163
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 Ranchos De Taos, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87557 | $4,269 | $6,195 | $20,163 | $62,332 | $141,639 |
Source: Ownwell
Property Tax Bills Across Ranchos De Taos, New Mexico
In Ranchos de Taos, property tax bills are calculated based on the assessed value of a property, which is determined by the Taos County Assessor's Office. The assessed value is a percentage of the property's market value. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Ranchos de Taos can expect varying tax bills. For instance, the 25th percentile tax bill is around $39, while the 75th percentile reaches up to $422. In some cases, tax bills can be as high as $1,093, which is significantly influenced by the property's assessed value. The median tax bill, however, stands at $134, which is considerably lower than the national median property tax rate of 0.99%. These property taxes help fund essential local services like schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners in Ranchos de Taos.
Average Ranchos De Taos Tax Bill
$134
Average Taos County Tax Bill
$178
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Ranchos De Taos, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87557 | $22 | $39 | $134 | $422 | $1,093 |
Source: Ownwell