Valencia County, New Mexico Property Taxes
The median property tax rate in Valencia County is 0.84%, which is slightly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With a median home value of $25,479, the typical annual property tax bill in Valencia County is $228, significantly below the national median of $2,690. Property taxes in Valencia County are calculated based on the tax assessed value, which typically falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Valencia County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide substantial annual savings. Whether you live in Belen or another part of Valencia County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Valencia County, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$214
$199
Ownwell’s Valencia County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Valencia County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Valencia County to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Valencia County, New Mexico
Property taxes in Valencia County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Valencia County is 0.84%, which is lower than the U.S. national median of 0.99%. Local government entities within Valencia County set these rates annually, and they can vary significantly between different areas within the county. Each year, Valencia County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. For comparison, the city of Peralta has one of the higher property tax rates in New Mexico at 1.04%, while the city of Bosque boasts one of the lowest at 0.78%. Analyzing how Valencia County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Valencia County Tax Rate
0.84%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Valencia County, New Mexico
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Belen | 0.71% | 0.78% | 0.91% | 0.97% | 1.23% |
| Bosque | 0.25% | 0.70% | 0.78% | 0.93% | 0.96% |
| Bosque Farms | 0.79% | 0.92% | 1.03% | 1.10% | 1.10% |
| Jarales | 0.78% | 0.78% | 0.93% | 0.96% | 0.96% |
| Laguna | 0.65% | 0.83% | 0.84% | 0.84% | 0.84% |
| Los Lunas | 0.72% | 0.83% | 0.84% | 0.96% | 1.11% |
| Peralta | 0.79% | 0.90% | 1.04% | 1.10% | 1.10% |
| Rio Communities | 0.44% | 0.78% | 0.87% | 0.88% | 0.88% |
| Veguita | 0.56% | 0.78% | 0.79% | 0.79% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Valencia County, New Mexico
In Valencia County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Valencia County Appraisal District. The assessed value, however, 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 Valencia County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. The median home price in Valencia County is $25,479, with tax bills ranging from $84 at the 25th percentile to $1,202 at the 90th percentile. The highest median tax bill is found in Bosque Farms at $457, while Laguna has the lowest at $141. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Being aware of these valuation processes in Valencia County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Valencia County, New Mexico
Source: Ownwell
$16,883
$30,942
$45,000
Average Valencia County Assessed Value
$25,479
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Valencia County, New Mexico
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Belen | $3,453 | $10,109 | $28,803 | $83,048 | $128,101 |
| Bosque | $5,883 | $15,128 | $33,074 | $55,576 | $84,510 |
| Bosque Farms | $3,562 | $9,864 | $45,000 | $110,472 | $146,382 |
| Jarales | $5,143 | $11,949 | $35,000 | $75,066 | $135,394 |
| Laguna | $3,502 | $11,233 | $16,883 | $54,618 | $80,526 |
| Los Lunas | $3,775 | $11,079 | $24,039 | $66,366 | $114,958 |
| Peralta | $4,349 | $13,464 | $40,743 | $106,537 | $143,172 |
| Rio Communities | $4,004 | $9,861 | $33,587 | $93,855 | $129,951 |
| Veguita | $7,402 | $17,834 | $23,838 | $87,255 | $123,645 |
Source: Ownwell
Property Tax Bills Across Valencia County, New Mexico
In Valencia County, NM, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The tax rate is applied to this assessed value to determine the annual property tax bill. Various factors influence the assessed value, including the home's size, location, and condition. For example, the median home price in Valencia County is $25,479, which significantly impacts the resulting tax bills. Homeowners in Valencia County experience a range of tax bills. The 25th percentile tax bill is $84, while the 75th percentile reaches $692. At the higher end, the 90th percentile tax bill stands at $1,202. The highest median tax bill in the county is found in Bosque Farms at $457, whereas Laguna has the lowest median tax bill at $141. These variations can affect homeowners differently, with those in areas with higher property values typically facing higher tax bills. Comparing these figures to the national median property tax rate of 0.99% highlights the relative affordability of property taxes in Valencia County.
Average Valencia County Tax Bill
$228
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Valencia County, New Mexico
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Belen | $27 | $80 | $248 | $775 | $1,213 |
| Bosque | $25 | $89 | $273 | $457 | $800 |
| Bosque Farms | $30 | $78 | $457 | $1,178 | $1,577 |
| Jarales | $36 | $111 | $335 | $712 | $1,281 |
| Laguna | $25 | $75 | $141 | $428 | $628 |
| Los Lunas | $29 | $87 | $201 | $602 | $1,137 |
| Peralta | $37 | $124 | $447 | $1,118 | $1,534 |
| Rio Communities | $27 | $66 | $334 | $817 | $1,129 |
| Veguita | $55 | $140 | $188 | $653 | $975 |
Source: Ownwell