Santa Fe Real Estate: FAQ What Are Property Taxes?

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Real Estate Broker/Owner with eXp Realty LLC NM Broker License 16161
https://activerain.com/droplet/C8L

Emily Medvec Santa Fe Real Estate

Today, everybody is talking about property taxes, especially when it comes to buying a home. Yet many people who purchase a home in Santa Fe County are often surprised by our low property taxes in comparison to other States. This is remarkable given New Mexico is a large state with a small population. Fortunately, New Mexico does have income from other investment and natural resources.

In Santa Fe Country and throughout New Mexico, the levying of property tax on real estate is as old as our State government which is 2012 is one-hundred years. Here “levied” means collected by a legal process and in Santa Fe County the tax collection authority is given to the Santa Fe County Treasurer, which is an elected position.

In the past 100 years, there have not been a lot of changes. Santa Fe is still in the land of Manana. Here are the key statutes, valuation changes and a recent New Mexico Court of Appeals ruling on property taxes.

 

  • The New Mexico Constitution in Article VIII, Section 1 states that “the percentage of values against which tax rates are assessed shall not exceed thirty-three and one third percent."
  • All real property or real estate in Santa Fe County is taxed at one-third of its “market
    value. This means a single family home, condominium, townhome, duplex or land purchased for $300,000 will be assessed at a $300,000 with a net taxable value of $100,000.
  • Here are a few property tax estimates based on a range of purchase prices: 

$100,000 purchase market price has an estimated property tax of $684

                       $350,000 purchase market price has an estimated property tax of $2,382 

                       $525,000 purchase market price has an estimated property tax of $3573

                       $775,000 purchase market price has an estimated property tax of $5,274

                       $999,000 purchase market price has an estimated property tax of $6,799

  • In 2001, the NM State Legislature passed a new law limiting incremental property taxincreases to no more than 3 percent.
  • In 2012, the New Mexico Court of Appeals upheld the constitutionality of the law capping residential property tax valuation increases only until a home changes ownership.
  • This recent ruling saved many New Mexico long-time homeowners from substantial tax increases.


What is important to remember is your property tax will be based on one-third of the market value of your real property purchase. Next, any tax increase is capped to be no more the 3% per year. Now do the math. Property taxes in New Mexico are not the same as in the other 49 States. If you are considering relocating to Santa Fe or purchasing investment property or land to buy and hold, our property taxes are something important to consider when you pencil in the numbers. For more information on Santa Fe Real Estate, contact Emily Medvec at 505-216-6280 for a consultation to see if Santa Fe is the right move for you.

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Our Santa Fe real estate market is a local one. Search All Santa Fe Listings Here and get results in both an easy list or map search. If you want to see a SOLD sign on your property or you want to make a lifestyle change by moving here, call me at 505-660-4541 to schedule a real estate consultation. No one has time or money to waste in this new landscape of real estate online. I am available to help you and make a positive difference in your real estate experience. Remember dreams are made a reality only when you act on them. Emily Medvec

Today, I represent Sellers and Buyers in all price ranges in Santa Fe and throughout northern New Mexico. My focus is to use my experience, vision and strategies to find you opportunities and solutions. My goal is always to save you time and money whether you are selling or buying any type of Santa Fe real estate, including homes, land, town homes, condominiums, ranches and commercial property. Here are recent reviews from my past clients about my know-how and service. Until you are ready to Buy or Sell, let's connect and learn more about each other on Facebook or Twitter

Emily Medvec Copyright 2019 All Rights Reserved 2007-2019

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Rainmaker
2,286,435
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Emily... In general, I don't think anyone likes the word Taxes - yet it's a part of life. Like it or not, people must be taxes. It's confusing to a lot of people; however, you explain it so simply and eloquently.

I learned a lot of good information from you and I'm glad I took the time to read all about it. You've given me a better understanding of what it's all about.

Thanks Emily!

Jun 02, 2012 08:29 PM #1
Ambassador
3,986,094
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730
Emily, This is excellent and has inspired me to write one for our area. Our tax rate is established in July and people are always wondering what the new rate is going to do to them. So in July I will post an example like you did for Montgomery County TN.
Jun 02, 2012 09:23 PM #2
Rainmaker
1,822,085
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

EM, this is very interesting to know about NM and taxes...really only based on 1/3 of the appraised value...excellent!!

Jun 02, 2012 11:50 PM #3
Rainmaker
535,405
Gay E. Rosen
Julia B. Fee Sotheby's International Realty - Larchmont, NY
As Real as Real Estate Gets!

Emily-  suggested. Great facts to learn about your area of expertise, and as we know YOU are the person to ask! I enjoyed reading all of the relevant and important information. Gay

Jun 03, 2012 07:10 AM #4
Ambassador
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Emily Medvec
eXp Realty LLC - Santa Fe, NM
Realtor | Serving Santa Fe & Northern NM

Patricia, as the saying goes... impossible to avoid death and taxes. At least in Santa Fe property taxes have a history which goes back to political compromises when we became a State

Debbie, like real estate, all property taxes are local!

Ginny, per our tel converation this morning, it is 1/3 of the SOLD price, not the appraisal. New Mexico is a partial non-disclosure state except now our industry is required to report to the local county the sale price.

Gay, thank you for the suggest here on Activerain. No one like to even talk about property taxes but when it comes to real estate it matters.

Jun 03, 2012 08:08 AM #5
Rainer
51,304
Lucas Taylor
Keller Williams Miami Beach - Miami Beach, FL
Thank you for the great education. I learned so much from your post.
Aug 08, 2012 11:15 PM #6
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Emily Medvec

Realtor | Serving Santa Fe & Northern NM
Emily Medvec Sells Santa Fe Real Estate! Call/Text 505-660-4541
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