Jamestown, New Mexico Property Taxes
The median property tax rate in Jamestown, NM is 0.96%, 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 Jamestown at $157,107, the typical annual property tax bill reaches $1,446, which is lower than the national median of $2,690. Property taxes in Jamestown 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 Jamestown'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 Jamestown 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
Jamestown, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$1,508
Ownwell’s Jamestown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jamestown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jamestown 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 Jamestown, New Mexico
Property taxes in Jamestown, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jamestown is 0.96%, slightly below the U.S. national median of 0.99%. Local government entities within Jamestown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jamestown 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 Jamestown's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 87347 has the highest median property tax rate of 0.96%, while the same zip code also has the lowest median tax rate of 0.96%. Understanding how these cities compare with Jamestown provides valuable insights into the varying tax landscape across McKinley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jamestown Tax Rate
0.96%
Average Mckinley County Tax Rate
1.20%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jamestown, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87347 | 0.75% | 0.92% | 0.96% | 0.98% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Jamestown, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Jamestown, NM. 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 McKinley 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 Jamestown, 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. For instance, Jamestown's highest median tax bill is $1,446 in zip code 87347, which also has the lowest median tax bill, highlighting the uniformity in tax assessments. By being aware of these valuation processes, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Jamestown Assessed Value
$157,107
Average Mckinley County Assessed Value
$79,030
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jamestown, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87347 | $84,516 | $119,420 | $157,107 | $196,480 | $279,406 |
Source: Ownwell
Property Tax Bills Across Jamestown, New Mexico
In Jamestown, McKinley County, NM, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. With a median home price of $157,107, homeowners can expect varying tax bills depending on their property's assessed value and the applicable tax rates. Several factors influence the tax bill, including property size, location, and improvements. For example, the 25th percentile tax bill is $1,044, while the 75th percentile reaches $1,894, and the 90th percentile can go up to $2,602. These figures indicate that higher-valued properties face significantly larger tax bills. Compared to the national median property tax rate of 0.99%, the property tax rates in Jamestown can be considered relatively moderate. However, these taxes still represent a substantial annual expense for homeowners, impacting their overall cost of living and financial planning. Understanding these factors helps homeowners anticipate their tax liabilities and manage their budgets more effectively.
Average Jamestown Tax Bill
$1,446
Average Mckinley County Tax Bill
$899
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Jamestown, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87347 | $779 | $1,044 | $1,446 | $1,894 | $2,602 |
Source: Ownwell