Taos, New Mexico Property Taxes
The median property tax rate in Taos, NM is 0.61%, considerably lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Taos, the typical annual property tax bill reaches $270, significantly under the national median of $2,690. Property taxes in Taos 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 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 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
Taos, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$186
Ownwell’s Taos Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Taos with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in 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 Taos, New Mexico
Property taxes in 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 Taos is 0.61%, which is lower than the U.S. national median of 0.99%. Local government entities within Taos set these rates annually, and they can vary significantly across different neighborhoods. Each year, 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 Taos's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 87571 has the highest median property tax rate of 0.61%, while the same zip code also has the lowest median tax rate of 0.61%. Understanding how these cities compare with 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 Taos Tax Rate
0.61%
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 Taos, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87571 | 0.43% | 0.52% | 0.61% | 0.65% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Taos, New Mexico
In 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's Office 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 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 Taos helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $270, found in zip code 87571, showing a unique uniformity in tax bills within the area.
Average Taos Assessed Value
$30,496
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 Taos, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87571 | $4,525 | $6,665 | $30,496 | $154,947 | $331,265 |
Source: Ownwell
Property Tax Bills Across Taos, New Mexico
In Taos, NM, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and market conditions are considered when assessing a property's value. For example, the median home price in Taos is $30,496, and property tax rates can vary within the county. Homeowners in Taos can expect a wide range of tax bills. At the lower end, the 25th percentile tax bill is around $51, while those in the 75th percentile pay approximately $1,122. The highest tax bills, in the 90th percentile, can reach up to $2,189. Notably, the median tax bill in the zip code 87571 is $270, which reflects the typical property tax burden for many residents. These tax bills significantly impact homeowners by influencing their annual expenses and overall cost of homeownership, making it crucial to understand how property taxes are calculated and managed.
Average Taos Tax Bill
$270
Average Taos County Tax Bill
$178
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Taos, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87571 | $24 | $51 | $270 | $1,122 | $2,189 |
Source: Ownwell