Corrales, Sandoval County, New Mexico Property Taxes
Median Corrales, NM effective property tax rate: 1.09%, significantly higher than the national median of 1.02%, but lower than the New Mexico state median of 0.86%.
Median Corrales, NM home value: $350,529
Median annual Corrales, NM tax bill: $3,916, $1,516 higher than the national median property tax bill of $2,400.
How are property taxes in Sandoval calculated?
Property taxes in Corrales, 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 Corrales’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Corrales, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Corrales, Sandoval County, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.09%
Estimate Property Tax Bill
$3,821
$3,546
Property Tax Rates Across Corrales, Sandoval County, New Mexico
Local government entities in New Mexico set tax rates, and these can vary significantly within the state. This variability arises because each county annually estimates its budgetary needs to provide essential services. The county then divides this budget by the total value of all taxable properties within its jurisdiction, resulting in the property tax rate. Although votes and laws play a role in setting these rates and budgets, this is the fundamental process followed each year.
Corrales, located in Sandoval County, is a prime example of how property tax rates can differ within New Mexico. Here, the effective property tax rate is 1.09%, which is slightly above the national median rate of 1.02%. This rate also aligns with the highest and lowest median tax rates within the county. Compared to other cities in New Mexico, Corrales's rate provides a benchmark for understanding property taxes in the region. While the national median property tax bill stands at $2,400, homeowners in Corrales can anticipate a different financial impact due to the specific rate applied in their area.
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 Corrales Tax Rate
1.09%
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 Sandoval County Tax Rate
1.19%
Median Effective New Mexico Tax Rate
0.86%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Corrales, Sandoval County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87048 | 1.04% | 1.07% | 1.09% | 1.25% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Corrales, Sandoval County, New Mexico
When examining property taxes in Corrales, 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 Sandoval County Assessor's Office 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.
In Sandoval County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. 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 Corrales. For example, the median home price in Corrales is $350,529, with tax bills ranging significantly across the county. Zip code 87048 has the highest median home price at $350,529.
Property Tax Assessment Values Across Corrales, Sandoval County, New Mexico
Source: Ownwell
$35,206
$287,469
$539,732
Median Corrales Market Value
$350,529
Median Sandoval County Market Value
$190,579
Median New Mexico Market Value
$121,540
Median United States Market Value
$235,294
Property Tax Assessment Values Across Corrales, Sandoval County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87048 | $104,253 | $221,266 | $350,529 | $517,116 | $720,938 |
Source: Ownwell
Property Tax Bills Across Corrales, Sandoval County, New Mexico
Median Corrales Tax Bill
$3,916
Median Sandoval County Tax Bill
$2,213
Median New Mexico Tax Bill
$1,192
Median United States Tax Bill
$2,400
Property Tax Bills Across Corrales, Sandoval County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87048 | $1,243 | $2,533 | $3,916 | $5,946 | $8,466 |
Source: Ownwell