Magdalena, Socorro County, New Mexico Property Taxes

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

Median Magdalena, NM effective property tax rate: 0.92%, significantly lower than the national median of 1.02%, but higher than the New Mexico state median of 0.86%.
Median Magdalena, NM home value: $19,035
Median annual Magdalena, NM tax bill: $180, $2,220 lower than the national median property tax bill of $2,400.

How are property taxes in Socorro calculated?

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

Last Updated March 1, 2025

Magdalena, Socorro County, New Mexico Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.92%

Estimate Property Tax Bill

$175

$163

Ownwell’s Magdalena Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Magdalena with just two data points. By entering your property's estimated assessed value, our calculator applies Magdalena’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 Socorro County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Magdalena, Socorro County, New Mexico

Local government entities are responsible for setting property tax rates, which can differ significantly within a state. This variation occurs because each county annually calculates its required budget to fund services and divides this by the total value of all taxable property within its jurisdiction. This process results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, this is essentially how the annual process unfolds.

In Magdalena, located in Socorro County, the effective property tax rate stands out when compared to other cities in New Mexico. With a median property tax rate of 0.92%, Magdalena aligns closely with the highest and lowest rates within its ZIP code. When compared to the national median property tax rate of 1.02%, Magdalena's rate is notably lower. This can translate to a more affordable property tax bill for homeowners, especially when the national median property tax bill is $2,400. Understanding these nuances can help residents and potential homeowners make informed decisions about property investments in Magdalena and the broader New Mexico area.

Property Tax Rates Across Magdalena, Socorro County, New Mexico

Source: Ownwell

0.89%

0.98%

1.07%

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 Magdalena Tax Rate

0.92%

Median Effective Socorro County Tax Rate

0.98%

Median Effective New Mexico Tax Rate

0.86%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Magdalena, Socorro County, New Mexico

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
87825	0.89%	0.91%	0.92%	0.94%	0.96%

Source: Ownwell

Property Tax Assessment Values Across Magdalena, Socorro County, New Mexico

When examining property taxes in Magdalena, 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 Socorro 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 Socorro 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 Magdalena. For example, the median home price in Magdalena is $19,035, with tax bills ranging significantly across the county. 87825 has the highest median home price at $19,035.

Property Tax Assessment Values Across Magdalena, Socorro County, New Mexico

Source: Ownwell

$7,464

$15,712

$23,960

Median Magdalena Market Value

$19,035

Median Socorro County Market Value

$10,114

Median New Mexico Market Value

$121,540

Median United States Market Value

$235,294

Property Tax Assessment Values Across Magdalena, Socorro County, New Mexico

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
87825	$3,310	$8,614	$19,035	$51,470	$125,058

Source: Ownwell

Property Tax Bills Across Magdalena, Socorro County, New Mexico

In Magdalena, located in Socorro County, NM, property tax bills are determined by applying the local tax rate to the assessed value of a property. The assessed value is a percentage of the property's market value, which in Magdalena is significantly lower than the national median, with a median home price of $19,035. Homeowners in Magdalena often see tax bills ranging from $87 at the 25th percentile to $1,169 at the 90th percentile, highlighting the variability based on property value and location within the city. The median property tax bill stands at $180, which is considerably lower than the national median of $2,400. This discrepancy underscores the potential for savings and the importance of ensuring your property is accurately assessed. Ownwell assists homeowners in Magdalena by identifying potential errors in property assessments and filing appeals to correct them. By leveraging expert knowledge and local data, Ownwell can help reduce your property tax bill, ensuring you only pay your fair share and nothing more.

Property Tax Bills Across Magdalena, Socorro County, New Mexico

Source: Ownwell

$71

$153

$235

Median Magdalena Tax Bill

$180

Median Socorro County Tax Bill

$102

Median New Mexico Tax Bill

$1,192

Median United States Tax Bill

$2,400

Property Tax Bills Across Magdalena, Socorro County, New Mexico

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
87825	$35	$87	$180	$443	$1,169

Source: Ownwell