Clovis, New Mexico Property Taxes
The median property tax rate in Clovis, NM, is 0.85%, slightly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Clovis at $108,260, the typical annual property tax bill is $1,040, which is below the national median of $2,690. Property taxes in Clovis are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Clovis'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 Clovis 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
Clovis, New Mexico Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,720
Ownwell’s Clovis Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Clovis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Clovis to provide an estimate of your property tax bill. This valuable tool helps you grasp potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Clovis, New Mexico
Property taxes in Clovis, New Mexico, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Clovis is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Clovis set these rates annually, and they can vary across different neighborhoods. Each year, Clovis 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 Clovis's effective property tax rate to other areas in Curry County and the national median. For comparison, the 88101 zip code has a uniform median property tax rate of 0.85%. Understanding how these areas compare with Clovis 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 Clovis Tax Rate
0.85%
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 Clovis, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88101 | 0.69% | 0.78% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Clovis, New Mexico
In Clovis, 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 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 Clovis, 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 Clovis helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 88101 has both the highest and lowest median tax bill at $1,040, highlighting the importance of understanding your specific situation.
Average Clovis Assessed Value
$108,260
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 Clovis, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88101 | $5,747 | $37,250 | $108,260 | $190,982 | $261,911 |
Source: Ownwell
Property Tax Bills Across Clovis, New Mexico
In Clovis, located in Curry County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. This figure is then multiplied by the local tax rate, which varies by jurisdiction. Homeowners in Clovis can see a wide range in their property tax bills. For instance, the tax bill at the 25th percentile is $434, while at the 75th percentile, it rises to $1,677, and at the 90th percentile, it can reach $2,228. With a median home price of $108,260, the property tax rate in Clovis is relatively modest compared to the national median property tax rate of 0.99%. This means that homeowners in Clovis generally pay less in property taxes, which can be a significant financial relief. Understanding these factors helps homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Clovis Tax Bill
$1,040
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 Clovis, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88101 | $84 | $434 | $1,040 | $1,677 | $2,228 |
Source: Ownwell