Mills, New Mexico Property Taxes
The median property tax rate in Mills, NM is 0.66%, 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 Mills, the typical annual property tax bill reaches $1,392, which is below the national median of $2,690. Property taxes in Mills are calculated based on the tax assessed value, often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Mills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Mills 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
Mills, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$1,426
Ownwell’s Mills Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mills 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 Mills, New Mexico
Property taxes in Mills, 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 Mills is 0.66%, significantly lower than the U.S. national median of 0.99%. Local government entities within Mills set these rates annually, and they can vary across different neighborhoods. Each year, Mills 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 Mills' effective property tax rate to other areas in New Mexico and the national median. For comparison, the 87730 ZIP code has the highest median property tax rate of 0.66%, while the same ZIP code also has the lowest median tax rate of 0.66%. Understanding how these areas compare with Mills provides valuable insights into the varying tax landscape across Harding County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mills Tax Rate
0.66%
Average Harding County Tax Rate
0.72%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mills, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87730 | 0.65% | 0.66% | 0.66% | 0.87% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Mills, New Mexico
In Mills, 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 Harding 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 Mills, 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 Mills helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,392 in zip code 87730, while the lowest median tax bill is also $1,392 in the same zip code.
Average Mills Assessed Value
$216,117
Average Harding County Assessed Value
$98,475
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mills, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87730 | $87,801 | $87,801 | $216,117 | $352,491 | $352,491 |
Source: Ownwell
Property Tax Bills Across Mills, New Mexico
In Mills, located in Harding County, NM, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's market value, location, and any applicable exemptions or reductions. For homeowners in Mills, the median home price stands at $216,117. Property tax bills can vary significantly, with the 25th percentile paying around $577 annually, while the 75th and 90th percentiles see much higher bills, up to $3,064. This variation highlights the impact of property values and local tax rates on the overall tax burden. Compared to the national median property tax rate of 0.99%, Mills' property tax rates can lead to substantial differences in annual payments, affecting homeowners' financial planning and overall cost of living. Understanding these factors is crucial for homeowners to anticipate and manage their property tax responsibilities effectively.
Average Mills Tax Bill
$1,392
Average Harding County Tax Bill
$705
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Mills, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87730 | $577 | $577 | $1,392 | $3,064 | $3,064 |
Source: Ownwell