Peralta, Valencia County, New Mexico Property Taxes
The median property tax rate in Peralta, NM is 1.04%, slightly higher than both the national median of 0.99% and the New Mexico state median of 0.86%. With a median home value of $40,743 in Peralta, the typical annual property tax bill is $447, which is significantly lower than the national median of $2,690. Property taxes in Peralta are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Peralta's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Peralta or another part of Valencia County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Peralta, Valencia County, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$424
$393
Ownwell’s Peralta Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Peralta. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Peralta to provide an accurate estimate of your property tax bill. This valuable resource helps you understand your potential tax liabilities with ease. 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 Valencia County for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Peralta, Valencia County, New Mexico
Property taxes in Peralta, 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 Peralta is 1.04%, higher than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Peralta set these rates annually, and they can vary significantly across different neighborhoods. Each year, Peralta 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 Peralta's effective property tax rate to other areas in Valencia County and the national median. For comparison, the 87068 zip code has the highest median property tax rate of 1.10%, while the 87042 zip code has the lowest median tax rate of 1.04%. Understanding how these areas compare with Peralta provides valuable insights into the varying tax landscape across Valencia County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring regions.
Average Peralta Tax Rate
1.04%
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 Peralta, Valencia County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87042 | 0.79% | 0.90% | 1.04% | 1.10% | 1.10% |
| 87068 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Peralta, Valencia County, New Mexico
In Peralta, 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 Valencia 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 Peralta, 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 Peralta helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in the area is $1,594 in the 87068 zip code, while the lowest median tax bill is $445 in the 87042 zip code. The 25th percentile tax bill stands at $124, the 75th percentile at $1,118, and the 90th percentile at $1,534, offering a range of what homeowners might expect.
Property Tax Assessment Values Across Peralta, Valencia County, New Mexico
Source: Ownwell
$16,883
$30,942
$45,000
Average Peralta Assessed Value
$40,743
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 Peralta, Valencia County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87042 | $4,344 | $13,428 | $40,700 | $106,458 | $142,564 |
| 87068 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Peralta, Valencia County, New Mexico
In Peralta, Valencia County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the market value of the property. The tax rate, or mill levy, is then applied to this assessed value to determine the annual tax bill. Several factors influence this calculation, including the property's location, size, and any applicable exemptions. Homeowners in Peralta experience a range of property tax bills. For instance, the 25th percentile tax bill is $124, while the 75th percentile tax bill is $1,118. At the higher end, the 90th percentile tax bill reaches $1,534. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for evaluating local tax rates. The highest median tax bill in Valencia County is $1,594 in the 87068 zip code, while the lowest is $445 in the 87042 zip code. These variations can significantly impact homeowners' annual expenses, influencing decisions on property investments and financial planning.
Average Peralta Tax Bill
$447
Average Valencia County Tax Bill
$228
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Peralta, Valencia County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87042 | $37 | $123 | $445 | $1,115 | $1,526 |
| 87068 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell