Capitan, New Mexico Property Taxes
The median property tax rate in Capitan, NM is 0.91%, slightly below the national median of 0.99% but higher than the New Mexico state median of 0.86%. With the median home value in Capitan at $110,208, the typical annual property tax bill reaches $1,401, which is lower than the national median of $2,690. Property taxes in Capitan are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Capitan'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 Capitan 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
Capitan, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$1,003
Ownwell’s Capitan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Capitan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Capitan 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 Capitan, New Mexico
Property taxes in Capitan, New Mexico, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Capitan is 0.91%, slightly below the U.S. national median of 0.99%. Local government entities within Capitan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Capitan 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 Capitan's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 88316 has the same median property tax rate of 0.91%. Understanding how these cities compare with Capitan 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 Capitan Tax Rate
0.91%
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 Capitan, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88316 | 0.53% | 0.59% | 0.91% | 1.14% | 2.34% |
Source: Ownwell
Property Tax Assessment Values Across Capitan, New Mexico
In Capitan, 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 Capitan, 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 Capitan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Capitan both stand at $1401.00, specifically in the 88316 zip code.
Average Capitan Assessed Value
$110,208
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 Capitan, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88316 | $9,878 | $32,759 | $110,208 | $210,885 | $340,832 |
Source: Ownwell
Property Tax Bills Across Capitan, New Mexico
In Capitan, located in Lincoln County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is a percentage of the property's market value. For instance, with a median home price of $110,208, the assessed value is used to calculate the property tax owed. The tax rate in Capitan is applied to this assessed value to determine the annual tax bill. Factors such as local government budgets, school funding requirements, and public services influence the tax rate. The median property tax rate in the United States is 0.99%, but local rates can vary. Homeowners in Capitan can expect tax bills ranging significantly, with the 25th percentile at $515 and the 75th percentile at $2,431. The highest median tax bill in the area is $1,401. These property taxes fund essential services like schools, infrastructure, and emergency services, directly impacting the quality of life for residents.
Average Capitan Tax Bill
$1,401
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 Capitan, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88316 | $103 | $515 | $1,401 | $2,431 | $13,391 |
Source: Ownwell