Grants, New Mexico Property Taxes
The median property tax rate in Grants, NM is 1.06%, slightly higher than both the national median of 0.99% and the New Mexico state median of 0.86%. With a median home value of $55,736 in Grants, the typical annual property tax bill is around $580, which is significantly lower than the national median of $2,690. Property taxes in Grants are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Grants' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Grants 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
Grants, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$591
Ownwell’s Grants Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grants with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grants 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 Grants, New Mexico
Property taxes in Grants, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grants is 1.06%, higher than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Grants set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grants 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 Grants' effective property tax rate to other areas in New Mexico and the national median. For comparison, the area with the highest median property tax rate in Cibola County is zip code 87021 with a rate of 1.12%, while zip code 87020 has the lowest median tax rate of 1.06%. Understanding how these areas compare with Grants provides valuable insights into the varying tax landscape across Cibola County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grants Tax Rate
1.06%
Average Cibola County Tax Rate
0.98%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grants, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87020 | 0.86% | 0.94% | 1.06% | 1.13% | 1.13% |
| 87021 | 1.12% | 1.12% | 1.12% | 1.12% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Grants, New Mexico
In Grants, 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 Cibola County Assessor's Office 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 Grants, 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 Grants helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Grants is $55,736, with annual property tax bills ranging from $194 at the 25th percentile to $1,614 at the 90th percentile. The zip code 87020 has both the highest and lowest median tax bill of $580.
Average Grants Assessed Value
$55,736
Average Cibola County Assessed Value
$45,831
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grants, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87020 | $5,067 | $19,649 | $55,751 | $94,750 | $153,029 |
| 87021 | $4,925 | $4,925 | $4,925 | $4,925 | $4,925 |
Source: Ownwell
Property Tax Bills Across Grants, New Mexico
In Grants, located in Cibola County, NM, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is a percentage of the market value of the home, which is determined by the county assessor's office. For example, if the median home price is $55,736, the assessed value will be a fraction of this amount, depending on local regulations. The local tax rate is then applied to this assessed value to determine the annual property tax bill. In Grants, the tax bills vary significantly, with the 25th percentile at $194 and the 75th percentile reaching $982. The 90th percentile tax bill can go as high as $1,614. These variations are influenced by factors such as property size, location, and any applicable exemptions. For homeowners, understanding these factors is crucial as they directly impact the annual financial obligations. Comparatively, the local median tax bill of $580 in zip code 87020 offers a perspective against the national median property tax rate of 0.99%, highlighting regional differences in property tax burdens.
Average Grants Tax Bill
$580
Average Cibola County Tax Bill
$449
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Grants, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87020 | $50 | $194 | $580 | $983 | $1,614 |
| 87021 | $55 | $55 | $55 | $55 | $55 |
Source: Ownwell