Mimbres, New Mexico Property Taxes
The median property tax rate in Mimbres, NM is 0.65%, 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 Mimbres at $91,618, the typical annual property tax bill amounts to $568, significantly below the national median of $2,690. Property taxes in Mimbres are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Mimbres' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Mimbres 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
Mimbres, 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 Mimbres Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mimbres with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mimbres 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 Mimbres, New Mexico
Property taxes in Mimbres, New Mexico, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mimbres is 0.65%, which is lower than the U.S. national median of 0.99%. Local government entities within Mimbres set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mimbres 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 Mimbres' effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 88049 has the highest median property tax rate of 0.65%, while the same zip code also has the lowest median tax rate of 0.65%. Understanding how these areas compare with Mimbres 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 Mimbres Tax Rate
0.65%
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 Mimbres, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88049 | 0.50% | 0.61% | 0.65% | 0.67% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Mimbres, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Mimbres, New Mexico. 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. Assessment notices in Mimbres 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. For instance, the median home price stands at $91,618, with the 25th percentile tax bill at $144 and the 75th percentile tax bill at $993. The highest median tax bill in Mimbres is $568 in the 88049 zip code, which also has the lowest median tax bill. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mimbres Assessed Value
$91,618
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 Mimbres, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88049 | $7,922 | $22,610 | $91,618 | $152,263 | $228,706 |
Source: Ownwell
Property Tax Bills Across Mimbres, New Mexico
In Mimbres, Grant County, NM, property tax bills are calculated based on the assessed value of a home, which is derived from the market value. The median home price in Mimbres is $91,618. Property taxes are then determined by applying the local tax rate to this assessed value. For Mimbres, the median property tax bill is $568, which is significantly lower than the national median property tax rate of 0.99%. Factors considered in determining the tax bill include the home's assessed value and the local tax rate. Homeowners in Mimbres may see tax bills ranging from the 25th percentile at $144 to the 75th percentile at $993, with the 90th percentile reaching up to $1,481. These variations can affect homeowners differently, impacting their annual financial planning. Lower tax bills can make homeownership more affordable, whereas higher bills may necessitate budgeting adjustments. Understanding these factors helps homeowners anticipate their annual expenses and manage their finances more effectively.
Average Mimbres Tax Bill
$568
Average Grant County Tax Bill
$356
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Mimbres, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88049 | $44 | $144 | $568 | $993 | $1,481 |
Source: Ownwell