Thoreau, Mckinley County, New Mexico Property Taxes

Name: Property Tax Bills Across Thoreau, Mckinley County, New Mexico
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Thoreau, NM effective property tax rate: 0.99%, slightly lower than the national median of 1.02%, but higher than the New Mexico state median of 0.86%.
Median Thoreau, NM home value: $81,490
Median annual Thoreau, NM tax bill: $769, $1,631 lower than the national median property tax bill of $2,400.

How are property taxes in McKinley calculated?

Property taxes in Thoreau, NM are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Thoreau’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Thoreau, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Thoreau, Mckinley County, New Mexico Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.99%

Estimate Property Tax Bill

$807

$749

Ownwell’s Thoreau Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Thoreau with just two data points. By entering your property's estimated assessed value, our calculator applies Thoreau’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in McKinley County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Thoreau, Mckinley County, New Mexico

Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Thoreau’s effective property tax rate to other cities in New Mexico and the median property tax rates in New Mexico and the U.S.

Property Tax Rates Across Thoreau, Mckinley County, New Mexico

Source: Ownwell

0.95%

1.10%

1.26%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Thoreau Tax Rate

0.99%

Median Effective Mckinley County Tax Rate

1.20%

Median Effective New Mexico Tax Rate

0.86%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Thoreau, Mckinley County, New Mexico

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
87323	0.60%	0.93%	0.99%	0.99%	0.99%

Source: Ownwell

Property Tax Assessment Values Across Thoreau, Mckinley County, New Mexico

When examining property taxes in Thoreau, NM, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The McKinley County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill. Assessment notices: In McKinley County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of the season. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Thoreau. For example, the median home price in Thoreau is $81,490, with tax bills ranging significantly across the county. 87323 has the highest median home price at $81,490.

Property Tax Assessment Values Across Thoreau, Mckinley County, New Mexico

Source: Ownwell

$12,560

$84,834

$157,107

Median Thoreau Market Value

$81,490

Median Mckinley County Market Value

$79,030

Median New Mexico Market Value

$121,540

Median United States Market Value

$235,294

Property Tax Assessment Values Across Thoreau, Mckinley County, New Mexico

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
87323	$17,289	$38,445	$81,490	$126,820	$170,416

Source: Ownwell

Property Tax Bills Across Thoreau, Mckinley County, New Mexico

In Thoreau, McKinley County, NM, property tax bills are calculated based on the assessed value of a property, which is derived from the market value of homes in the area. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as location, property size, and improvements can influence the assessed value. With a median home price of $81,490, homeowners in Thoreau can expect varying tax bills. For instance, the 25th percentile tax bill is about $311, while the 75th percentile reaches $1,179, and the 90th percentile is $1,632. Compared to the national median property tax bill of $2,400, Thoreau's rates are relatively low, making it an attractive location for homeowners. However, property taxes can still be a significant expense. Ownwell assists homeowners by reviewing assessments to ensure accuracy and identifying potential savings through appeals and exemptions. By leveraging expertise, Ownwell helps clients reduce their property tax burden, potentially saving hundreds of dollars annually.

Property Tax Bills Across Thoreau, Mckinley County, New Mexico

Source: Ownwell

$98

$772

$1,446

Median Thoreau Tax Bill

$769

Median Mckinley County Tax Bill

$899

Median New Mexico Tax Bill

$1,192

Median United States Tax Bill

$2,400

Property Tax Bills Across Thoreau, Mckinley County, New Mexico

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
87323	$119	$311	$769	$1,179	$1,632

Source: Ownwell