Flying H, New Mexico Property Taxes
The median property tax rate in Flying H, NM is 0.57%, significantly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Flying H at $347,732, the typical annual property tax bill is $1,975, which is below the national median of $2,690. Property taxes in Flying H are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Flying H's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Flying H or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Flying H, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$1,982
Ownwell’s FLYING H Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in FLYING H with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FLYING H to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Flying H, New Mexico
Property taxes in Flying H, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Flying H is 0.57%, which is lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Flying H set these rates annually, and they can vary significantly across different neighborhoods. Each year, Flying H estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Flying H's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 88339 zip code has both the highest and lowest median property tax rate of 0.57%. Understanding how these cities compare with Flying H provides valuable insights into the varying tax landscape across Chaves County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Flying H Tax Rate
0.57%
Average Chaves County Tax Rate
0.90%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Flying H, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88339 | 0.57% | 0.57% | 0.57% | 0.57% | 0.57% |
Source: Ownwell
Property Tax Assessment Values Across Flying H, New Mexico
In Flying H, New Mexico, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Chaves County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Flying H, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Flying H helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 88339 has the highest and lowest median tax bill at $1,975.
Average Flying H Assessed Value
$347,732
Average Chaves County Assessed Value
$70,868
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Flying H, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88339 | $347,732 | $347,732 | $347,732 | $347,732 | $347,732 |
Source: Ownwell
Property Tax Bills Across Flying H, New Mexico
In Flying H, NM, property tax bills are calculated based on the assessed value of a property, which is determined by the Chaves County Assessor’s office. The assessed value is a percentage of the property's market value, reflecting its worth in the real estate market. For homeowners in Flying H, the median home price is $347,732. The property tax rate in Flying H is then applied to this assessed value to determine the annual tax bill. Factors considered in determining the property tax bill include the property's location, size, and improvements. The tax bill can significantly impact homeowners, influencing their annual budget and long-term financial planning. In Flying H, the median property tax bill is $1,975, which is relatively consistent across various percentiles. This amount is below the national median property tax rate of 0.99%, making Flying H comparatively affordable for property owners. Understanding these components helps homeowners anticipate their tax obligations and better manage their finances.
Average Flying H Tax Bill
$1,975
Average Chaves County Tax Bill
$601
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Flying H, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88339 | $1,975 | $1,975 | $1,975 | $1,975 | $1,975 |
Source: Ownwell