Loco Hills, New Mexico Property Taxes
The median property tax rate in Loco Hills, NM is 0.53%, significantly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Loco Hills at $29,513, the typical annual property tax bill is $139, far below the national median of $2,690. Property taxes in Loco Hills are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Loco Hills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Loco Hills 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
Loco Hills, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$156
Ownwell’s Loco Hills Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Loco Hills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Loco Hills 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 Loco Hills, New Mexico
Property taxes in Loco Hills, 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 Loco Hills is 0.53%, which is significantly lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Loco Hills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Loco Hills 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 Loco Hills' effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 88255 has both the highest and lowest median property tax rate of 0.53%. Understanding how these cities compare with Loco Hills provides valuable insights into the varying tax landscape across Eddy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Loco Hills Tax Rate
0.53%
Average Eddy County Tax Rate
0.67%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Loco Hills, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88255 | 0.43% | 0.51% | 0.53% | 0.54% | 0.54% |
Source: Ownwell
Property Tax Assessment Values Across Loco Hills, New Mexico
In Loco Hills, 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 Eddy 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 Loco Hills, 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. For instance, the highest median tax bill in the area is $139 in the 88255 zip code, which is also the lowest median 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 Loco Hills helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Loco Hills Assessed Value
$29,513
Average Eddy County Assessed Value
$48,197
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Loco Hills, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88255 | $5,000 | $12,430 | $29,513 | $57,848 | $75,949 |
Source: Ownwell
Property Tax Bills Across Loco Hills, New Mexico
In Loco Hills, located in Eddy County, NM, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the county assessor and is a percentage of the property's market value. Homeowners in Loco Hills can expect property tax bills to vary significantly, as seen in the range from the 25th percentile tax bill of $67 to the 90th percentile tax bill of $404. The median home price in this region is $29,513, which influences the overall tax calculation. The property tax rate in Loco Hills is influenced by local government budgets, school funding, and other municipal needs. Compared to the national median property tax rate of 0.99%, Loco Hills homeowners generally experience lower tax rates, reflecting the region's lower median home values. This lower tax burden can be beneficial for homeowners, making it more affordable to own property. However, it also means that local services funded by property taxes may operate with tighter budgets.
Average Loco Hills Tax Bill
$139
Average Eddy County Tax Bill
$355
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Loco Hills, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88255 | $24 | $67 | $139 | $311 | $404 |
Source: Ownwell