Hatch, New Mexico Property Taxes
The median property tax rate in Hatch, NM is 1.07%, slightly higher than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Hatch, the typical annual property tax bill reaches $347, which is significantly lower than the national median of $2,690. Property taxes in Hatch 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 Hatch'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 Hatch 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
Hatch, 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 Hatch Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hatch with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hatch 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 Hatch, New Mexico
Property taxes in Hatch, New Mexico, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hatch is 1.07%, higher than the U.S. national median of 0.99%. Local government entities within Hatch set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hatch 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 Hatch's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87937 zip code has both the highest and lowest median property tax rate of 1.07%. Understanding how these cities compare with Hatch 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 Hatch Tax Rate
1.07%
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 Hatch, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87937 | 0.82% | 0.92% | 1.07% | 1.11% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Hatch, New Mexico
In Hatch, 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 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 Hatch, 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 Hatch helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median tax bill in Hatch varies, with the highest and lowest median tax bills both being $347 in the zip code 87937.
Average Hatch Assessed Value
$35,000
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 Hatch, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87937 | $5,000 | $13,384 | $35,000 | $65,534 | $119,136 |
Source: Ownwell
Property Tax Bills Across Hatch, New Mexico
In Hatch, located in Doña Ana County, NM, property tax bills are determined by assessing the property's value and applying the local tax rate. The median home price in Hatch is $35,000. The assessed value of a property is typically a percentage of its market value, and this assessed value is then multiplied by the local tax rate to calculate the tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Hatch can expect their tax bills to vary significantly. For example, the 25th percentile tax bill is $131, while the 75th percentile tax bill rises to $647. At the 90th percentile, homeowners might see tax bills as high as $1,238. The median tax bill in the zip code 87937 is $347, which is considerably lower than the national median property tax rate of 0.99%. These variations in tax bills impact homeowners differently, affecting their annual budgeting and long-term financial planning.
Average Hatch Tax Bill
$347
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 Hatch, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87937 | $55 | $131 | $347 | $647 | $1,238 |
Source: Ownwell