Edgewood, Torrance County, New Mexico Property Taxes
Median Edgewood, NM effective property tax rate: 0.80%, significantly lower than the national median of 1.02%, but lower than the New Mexico state median of 0.86%.
Median Edgewood, NM home value: $33,180
Median annual Edgewood, NM tax bill: $298, $2,102 lower than the national median property tax bill of $2,400.
How are property taxes in Torrance County calculated?
Property taxes in Edgewood, 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 Edgewood’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Edgewood, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Edgewood, Torrance County, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.8%
Estimate Property Tax Bill
$265
$246
Property Tax Rates Across Edgewood, Torrance County, New Mexico
Local government entities determine property tax rates, which can significantly differ across a state. This variation occurs because each county annually calculates its budget requirements for public services and divides this by the total assessed value of all taxable properties within its jurisdiction, resulting in the property tax rate. Though the process involves votes and legislation to finalize tax rates and budgets, this is the basic annual procedure.
In Edgewood, located in Torrance County, the effective property tax rate provides a point of comparison with other cities in New Mexico, as well as the state and national medians. Edgewood’s rate aligns closely with the highest and lowest median tax rates within the area, reflecting a consistent approach across the region.
When compared to the national median property tax rate of 1.02%, Edgewood presents a favorable situation for property owners. This consistency in property tax rates within Torrance County offers predictability and stability for residents, making it an attractive location for property investment. Understanding these rates can help property owners anticipate their tax liabilities and plan accordingly, ensuring they take full advantage of any available exemptions or appeals.
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 Edgewood Tax Rate
0.80%
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 Torrance County Tax Rate
0.80%
Median Effective New Mexico Tax Rate
0.86%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Edgewood, Torrance County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87015 | 0.64% | 0.80% | 0.80% | 0.83% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Edgewood, Torrance County, New Mexico
When examining property taxes in Edgewood, 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 Torrance County Assessor 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 Torrance 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 Edgewood.
For example, the median home price in Edgewood is $33,180, with tax bills ranging significantly across the county. Zip code 87015 has the highest median home price at $33,180.
Property Tax Assessment Values Across Edgewood, Torrance County, New Mexico
Source: Ownwell
$7,642
$54,015
$100,387
Median Edgewood Market Value
$33,180
Median Torrance County Market Value
$24,245
Median New Mexico Market Value
$121,540
Median United States Market Value
$235,294
Property Tax Assessment Values Across Edgewood, Torrance County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87015 | $4,845 | $9,457 | $33,180 | $95,866 | $136,560 |
Source: Ownwell
Property Tax Bills Across Edgewood, Torrance County, New Mexico
In Edgewood, Torrance County, NM, property tax bills are determined by the assessed value of a home, which is a percentage of its market value. The property tax rate here is relatively low compared to the national median property tax rate of 1.02%. Homeowners in Edgewood can expect a median tax bill of $298, which is significantly lower than the national median of $2,400. Factors such as property size, location, and improvements can influence the assessed value, impacting the final tax bill. For homeowners, understanding these factors is crucial as they directly affect the amount owed annually.
Ownwell offers valuable assistance to homeowners by providing expert property tax appeal and exemption services. By analyzing your property's assessed value and comparing it with similar properties, Ownwell can identify discrepancies and potential savings. This proactive approach ensures homeowners are not overpaying and helps them achieve a fair tax bill. With Ownwell's guidance, you can confidently navigate the complexities of property taxes and keep more money in your pocket.
Median Edgewood Tax Bill
$298
Median Torrance County Tax Bill
$232
Median New Mexico Tax Bill
$1,192
Median United States Tax Bill
$2,400
Property Tax Bills Across Edgewood, Torrance County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87015 | $39 | $87 | $298 | $812 | $1,196 |
Source: Ownwell