Estancia, New Mexico Property Taxes
The median property tax rate in Estancia, NM is 0.73%, 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 Estancia, the typical annual property tax bill reaches $219, well below the national median of $2,690. Property taxes in Estancia 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 Estancia'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 Estancia 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
Estancia, New Mexico Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,720
Ownwell’s Estancia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Estancia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Estancia 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 Estancia, New Mexico
Property taxes in Estancia, 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 Estancia is 0.73%, which is lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Estancia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Estancia 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 Estancia's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87016 zip code has the highest median property tax rate of 0.73%, while the same zip code also has the lowest median tax rate of 0.73%. Understanding how these areas compare with Estancia 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 Estancia Tax Rate
0.73%
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 Estancia, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87016 | 0.61% | 0.72% | 0.73% | 0.80% | 1.57% |
Source: Ownwell
Property Tax Assessment Values Across Estancia, New Mexico
In Estancia, 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 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. Assessment notices in Estancia 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 Estancia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Estancia, both at $219, are found in the 87016 zip code.
Average Estancia Assessed Value
$24,893
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 Estancia, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87016 | $4,335 | $8,604 | $24,893 | $70,373 | $137,851 |
Source: Ownwell
Property Tax Bills Across Estancia, New Mexico
In Estancia, Torrance County, NM, property tax bills are calculated based on the assessed value of a home, which is a percentage of the market value. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include the home's market value, the assessment ratio set by the county, and the local tax rate. For instance, with a median home price of $24,893, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is about $73, while at the 75th percentile, it rises to approximately $621, and at the 90th percentile, it can reach up to $1,244. The highest and lowest median tax bills in the area are both recorded at $219 in the 87016 zip code. Compared to the national median property tax rate of 0.99%, homeowners in Estancia might find their tax bills relatively manageable. Understanding these factors helps homeowners anticipate their annual expenses and budget accordingly.
Average Estancia Tax Bill
$219
Average Torrance County Tax Bill
$232
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Estancia, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87016 | $33 | $73 | $219 | $621 | $1,244 |
Source: Ownwell