Taos Ski Valley, New Mexico Property Taxes
The median property tax rate in Taos Ski Valley, NM is 0.82%, which is lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With a median home value of $235,917 in Taos Ski Valley, the typical annual property tax bill amounts to $2,258, falling below the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural use. Understanding the property tax system in Taos Ski Valley, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Taos Ski Valley or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Taos Ski Valley, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$1,935
Ownwell’s Taos Ski Valley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Taos Ski Valley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Taos Ski Valley 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 Ski Valley, New Mexico
Property taxes in Taos Ski Valley, New Mexico, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Taos Ski Valley is 0.82%, which is lower than the U.S. national median of 0.99%. Local government entities within Taos Ski Valley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Taos Ski Valley 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 Ski Valley's effective property tax rate to other areas in New Mexico and the national median. For comparison, the zip code 87525 has the highest median property tax rate of 0.82%, while also having the lowest median tax rate of 0.82%. Understanding how these areas compare with Taos Ski Valley 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 Ski Valley Tax Rate
0.82%
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 Ski Valley, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87525 | 0.60% | 0.82% | 0.82% | 0.82% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Taos Ski Valley, New Mexico
In Taos Ski Valley, 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 Taos Ski Valley, 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 Ski Valley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills is 87525, both at $2,258.
Property Tax Assessment Values Across Taos Ski Valley, New Mexico
Source: Ownwell
$5,940
$120,929
$235,917
Average Taos Ski Valley Assessed Value
$235,917
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 Ski Valley, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87525 | $15,814 | $168,729 | $235,917 | $415,264 | $709,028 |
Source: Ownwell
Property Tax Bills Across Taos Ski Valley, New Mexico
In Taos Ski Valley, NM, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. Assessors in Taos County determine this value, taking into account factors such as property size, location, and condition. The local tax rate is then applied to the assessed value to calculate the tax bill. For homeowners in Taos Ski Valley, the median home price is $235,917. The property tax rate in this region is influenced by local budgetary needs and the overall tax base. Homeowners in the 25th percentile can expect a tax bill around $1,300, while those in the 75th percentile might see bills closer to $3,464. At the 90th percentile, tax bills can reach up to $5,972. Compared to the national median property tax rate of 0.99%, the tax burden in Taos Ski Valley can vary significantly based on individual property assessments. This variability affects homeowners differently, depending on their property's assessed value and the local tax rate applied.
Average Taos Ski Valley Tax Bill
$2,258
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 Ski Valley, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87525 | $111 | $1,300 | $2,258 | $3,464 | $5,972 |
Source: Ownwell