Fairacres, New Mexico Property Taxes
The median property tax rate in Fairacres, NM is 0.78%, which is notably lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Fairacres at $42,699, the typical annual property tax bill amounts to $349, significantly below the national median of $2,690. Property taxes in Fairacres are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Fairacres' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Fairacres 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
Fairacres, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$333
Ownwell’s FAIRACRES Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in FAIRACRES with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FAIRACRES 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 Fairacres, New Mexico
Property taxes in Fairacres, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairacres is 0.78%, which is lower than the U.S. national median of 0.99%. Local government entities within Fairacres set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairacres 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 Fairacres' effective property tax rate to other counties in New Mexico and the national median. For comparison, the 88033 zip code has both the highest and lowest median property tax rate of 0.78%. Understanding how these cities compare with Fairacres provides valuable insights into the varying tax landscape across Doña Ana County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairacres Tax Rate
0.78%
Average Doaana County Tax Rate
1.02%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairacres, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88033 | 0.50% | 0.77% | 0.78% | 0.81% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Fairacres, New Mexico
In Fairacres, 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 Doña Ana 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 Fairacres, 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 Fairacres helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 88033, with a value of $349.
Average Fairacres Assessed Value
$42,699
Average Doaana County Assessed Value
$120,428
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairacres, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88033 | $8,652 | $22,018 | $42,699 | $104,632 | $320,422 |
Source: Ownwell
Property Tax Bills Across Fairacres, New Mexico
In Fairacres, located in Doña Ana County, NM, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $42,699. Homeowners can expect their property tax bill to fall within a range, with the 25th percentile tax bill at $186, the 75th percentile at $855, and the 90th percentile reaching up to $2,511. The highest and lowest median tax bills in Fairacres both stand at $349, which is significantly lower than the national median property tax rate of 0.99%. The assessed value of a property is influenced by factors such as location, property size, and market conditions. These assessments are periodically reviewed to ensure they reflect current market values. For homeowners, understanding how these factors impact their tax bills is crucial, as it directly affects their annual financial obligations. By keeping an eye on property assessments and tax rates, homeowners in Fairacres can better manage their expenses and plan for the future.
Average Fairacres Tax Bill
$349
Average Doaana County Tax Bill
$1,201
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairacres, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88033 | $54 | $186 | $349 | $855 | $2,511 |
Source: Ownwell