Arabela, New Mexico Property Taxes
The median property tax rate in Arabela, NM is 1.19%, higher than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Arabela at $176,973, the typical annual property tax bill reaches $2,102, which is below the national median of $2,690. Property taxes in Arabela are calculated based on the tax assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Arabela'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 Arabela or another part of Lincoln County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Arabela, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.19%
Estimate Property Tax Bill
$2,106
Ownwell’s Arabela Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Arabela. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Arabela to provide an accurate estimate of your property tax bill. This user-friendly tool offers a clear understanding of potential tax liabilities, helping you make informed decisions. For those interested in more detailed insights, the trends page offers localized information down to the neighborhood level. Your property’s assessed value is determined by Lincoln County for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Arabela, New Mexico
Property taxes in Arabela, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Arabela is 1.19%, higher than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Arabela set these rates annually, and they can vary significantly across different neighborhoods. Each year, Arabela 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 Arabela's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 88351 zip code has the highest median property tax rate of 1.19%, while the 88351 zip code also has the lowest median tax rate of 1.19%. Understanding how these cities compare with Arabela provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Arabela Tax Rate
1.19%
Average Lincoln County Tax Rate
0.99%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Arabela, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88351 | 0.98% | 1.06% | 1.19% | 1.19% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Arabela, New Mexico
In Arabela, 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 Lincoln 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 Arabela, 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 Arabela helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 88351 has the highest and lowest median tax bills, both at $2,102.
Average Arabela Assessed Value
$176,973
Average Lincoln County Assessed Value
$90,750
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Arabela, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88351 | $176,973 | $176,973 | $176,973 | $2,213,038 | $3,434,678 |
Source: Ownwell
Property Tax Bills Across Arabela, New Mexico
In Arabela, property tax bills are calculated based on the assessed value of the home, which is a percentage of the market value determined by the county assessor. For homeowners in Lincoln County, the median home price is $176,973. Property tax bills can range significantly, from the 25th percentile at $2,102 to the 90th percentile at $31,968. These variations depend on several factors, including the property's assessed value, local tax rates, and any applicable exemptions. The tax bill directly affects homeowners by contributing to their annual housing costs, influencing their overall financial planning. For instance, a homeowner in the 75th percentile might pay around $20,768 in property taxes, significantly impacting their budget compared to the national median property tax rate of 0.99%. Understanding these factors and how they interplay is crucial for homeowners to anticipate their tax liabilities and manage their finances effectively.
Average Arabela Tax Bill
$2,102
Average Lincoln County Tax Bill
$1,235
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Arabela, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88351 | $2,102 | $2,102 | $2,102 | $20,768 | $31,968 |
Source: Ownwell