Tyrone, New Mexico Property Taxes
The median property tax rate in Tyrone, NM is 0.50%, 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 Tyrone at $115,261, the typical annual property tax bill reaches $565, significantly below the national median of $2,690. Property taxes in Tyrone 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 Tyrone'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 Tyrone 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
Tyrone, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$576
Ownwell’s Tyrone Property Tax Bill Calculator is designed to assist homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Tyrone with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Tyrone to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed trends on a neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Tyrone, New Mexico
Property taxes in Tyrone, New Mexico, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Tyrone is 0.50%, which is below the U.S. national median of 0.99%. Local government entities within Tyrone set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tyrone 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 Tyrone's effective property tax rate to other areas in New Mexico and the national median. For comparison, the 88065 zip code has both the highest and lowest median property tax rate of 0.50%. Understanding how these cities compare with Tyrone 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 Tyrone Tax Rate
0.50%
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 Tyrone, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88065 | 0.47% | 0.50% | 0.50% | 0.50% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Tyrone, New Mexico
In Tyrone, 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 Tyrone, 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. The median home price in Tyrone stands at $115,261, with tax bills ranging from $468 at the 25th percentile to $887 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tyrone Assessed Value
$115,261
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 Tyrone, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88065 | $88,039 | $96,148 | $115,261 | $139,793 | $179,886 |
Source: Ownwell
Property Tax Bills Across Tyrone, New Mexico
In Tyrone, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. Homeowners in Tyrone, located in Grant County, NM, experience a median property tax rate that is reflective of the county's overall rates. The median home price in Tyrone is $115,261, and tax bills can vary significantly based on this assessed value. For instance, the tax bill at the 25th percentile is $468, while at the 75th percentile, it rises to $693, and at the 90th percentile, it reaches $887. These tax bills are influenced by various factors, including local government budgets and specific levies for public services like schools and infrastructure. Homeowners must account for these property taxes in their annual budgets, as they can impact overall housing affordability. Compared to the national median property tax rate of 0.99%, Tyrone's property tax rates provide a crucial insight into the cost of living in this region. Understanding these dynamics helps homeowners plan better and manage their finances effectively.
Average Tyrone Tax Bill
$565
Average Grant County Tax Bill
$356
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Tyrone, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88065 | $429 | $468 | $565 | $693 | $887 |
Source: Ownwell