Buckhorn, New Mexico Property Taxes
The median property tax rate in Buckhorn, NM is 0.51%, considerably lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Buckhorn at $52,254, the typical annual property tax bill reaches $287, significantly below the national median of $2,690. Property taxes in Buckhorn 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 Buckhorn'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 Buckhorn 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
Buckhorn, 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 Buckhorn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Buckhorn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Buckhorn 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 Buckhorn, New Mexico
Property taxes in Buckhorn, 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 Buckhorn is 0.51%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Buckhorn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Buckhorn 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 Buckhorn's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 88025 has both the highest and lowest median property tax rate of 0.51%. Understanding how these areas compare with Buckhorn provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buckhorn Tax Rate
0.51%
Average Grant County Tax Rate
0.60%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buckhorn, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88025 | 0.44% | 0.50% | 0.51% | 0.53% | 0.57% |
Source: Ownwell
Property Tax Assessment Values Across Buckhorn, New Mexico
In Buckhorn, 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 Grant 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 Buckhorn, 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. The median home price in Buckhorn is $52,254, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $73, while the 75th percentile tax bill is $647. The highest median tax bill in the area is $287 in the 88025 zip code. 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 Buckhorn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Buckhorn Assessed Value
$52,254
Average Grant County Assessed Value
$54,932
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buckhorn, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88025 | $7,988 | $15,172 | $52,254 | $133,906 | $218,729 |
Source: Ownwell
Property Tax Bills Across Buckhorn, New Mexico
In Buckhorn, NM, property tax bills are determined by the assessed value of a home, which is influenced by the property's market value and local tax rates. The median home price in Buckhorn is $52,254, and the property tax rate in Grant County is in line with the national median of 0.99%. This means homeowners in Buckhorn can expect their tax bills to be calculated based on this rate applied to their home's assessed value. For example, homeowners in the 25th percentile pay around $73, while those in the 75th percentile see bills closer to $647. The 90th percentile tax bill reaches up to $1,102. The highest and lowest median tax bills in the area are both $287, indicating a relatively consistent tax burden across different properties. These property taxes fund essential local services, such as schools, emergency services, and infrastructure, directly impacting the quality of life for residents. Homeowners must budget for these annual expenses, as they are a crucial part of homeownership in Buckhorn.
Average Buckhorn Tax Bill
$287
Average Grant County Tax Bill
$356
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Buckhorn, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88025 | $40 | $73 | $287 | $647 | $1,102 |
Source: Ownwell