Broadview, New Mexico Property Taxes
The median property tax rate in Broadview, NM is 0.72%, which is lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Broadview, the typical annual property tax bill is $492, substantially below the national median of $2,690. Property taxes in Broadview 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 Broadview'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 Broadview 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
Broadview, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$335
Ownwell’s Broadview Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Broadview with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Broadview 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 Broadview, New Mexico
Property taxes in Broadview, New Mexico, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Broadview is 0.72%, which is lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Broadview set these rates annually, and they can vary significantly across different neighborhoods. Each year, Broadview 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 Broadview's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 88112 zip code has the highest median property tax rate of 0.72%, while the same 88112 zip code also has the lowest median tax rate of 0.72%. Understanding how these cities compare with Broadview provides valuable insights into the varying tax landscape across Curry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Broadview Tax Rate
0.72%
Average Curry County Tax Rate
0.85%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Broadview, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88112 | 0.57% | 0.68% | 0.72% | 0.72% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Broadview, New Mexico
In Broadview, 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 Curry County Assessor 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 Broadview, 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 Broadview helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Curry County is $492 in zip code 88112, while the lowest median tax bill is also $492 in the same zip code.
Average Broadview Assessed Value
$46,512
Average Curry County Assessed Value
$106,130
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Broadview, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88112 | $5,947 | $18,298 | $46,512 | $102,603 | $121,459 |
Source: Ownwell
Property Tax Bills Across Broadview, New Mexico
In Broadview, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The median home price in Broadview is $46,512, and property taxes are applied to this assessed value. The tax rate in Broadview is influenced by various local factors, including school district funding, infrastructure maintenance, and public services. Homeowners in Broadview can expect their property tax bills to vary significantly. For example, the 25th percentile tax bill is $219, while the 75th percentile tax bill is $743, and the 90th percentile tax bill reaches $961. These variations indicate that while some homeowners may pay relatively low property taxes, others could face higher bills depending on the assessed value of their property and the specific tax rate applied. Compared to the national median property tax rate of 0.99%, Broadview's property tax bills reflect the local economic conditions and funding needs. This directly affects homeowners by influencing their annual financial obligations and potentially impacting their decisions regarding property ownership and investment in the area.
Average Broadview Tax Bill
$492
Average Curry County Tax Bill
$1,019
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Broadview, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88112 | $101 | $219 | $492 | $743 | $961 |
Source: Ownwell