Encino, New Mexico Property Taxes
The median property tax rate in Encino, New Mexico is 0.68%, which is 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 Encino at $58,599, the typical annual property tax bill amounts to $469, well below the national median of $2,690. Property taxes in Encino 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 Encino'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 Encino 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
Encino, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$398
$370
Ownwell’s Encino Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Encino with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Encino to provide an estimated property tax bill. This intuitive tool offers a clear understanding of potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes and includes any applicable exemptions.
Property Tax Rates Across Encino, New Mexico
Property taxes in Encino, 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 Encino is 0.68%, which is below the U.S. national median of 0.99%. Local government entities within Encino set these rates annually, and they can vary significantly across different neighborhoods. Each year, Encino 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 Encino's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 88321 has the highest median property tax rate of 0.68%, while the same zip code also has the lowest median tax rate of 0.68%. Understanding how these cities compare with Encino provides valuable insights into the varying tax landscape across Torrance County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Encino Tax Rate
0.68%
Average Torrance County Tax Rate
0.80%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Encino, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88321 | 0.55% | 0.68% | 0.68% | 0.71% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Encino, New Mexico
In Encino, 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 Torrance 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. 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 Encino helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Torrance County, the zip code with the highest median tax bill is 88321, with a median tax bill of $469. Understanding these details can significantly impact your approach to managing property taxes.
Average Encino Assessed Value
$58,599
Average Torrance County Assessed Value
$24,245
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Encino, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88321 | $17,908 | $30,953 | $58,599 | $91,112 | $148,757 |
Source: Ownwell
Property Tax Bills Across Encino, New Mexico
In Encino, property tax bills are calculated based on the assessed value of a home, which is determined by the Torrance County Assessor's Office. This assessed value is a percentage of the property's market value. The tax rate is then applied to this assessed value to determine the annual property tax bill. Several factors influence the assessed value, including the home's location, size, and condition, as well as comparable property sales in the area. For homeowners in Encino, the property tax bill can vary significantly. For example, the tax bill at the 25th percentile is $177, while at the 75th percentile, it reaches $876. At the 90th percentile, homeowners might see a tax bill as high as $1,061. This variability impacts homeowners differently, depending on their property's assessed value and the local tax rate. Compared to the national median property tax rate of 0.99%, Encino's rates offer a unique perspective on how property taxes can affect affordability and homeownership in the region.
Average Encino Tax Bill
$469
Average Torrance County Tax Bill
$232
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Encino, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88321 | $116 | $177 | $469 | $876 | $1,061 |
Source: Ownwell