Mentmore, New Mexico Property Taxes
The median property tax rate in Mentmore, NM is 0.98%, just below the national median of 0.99% but higher than the New Mexico state median of 0.86%. With a median home value of $21,300 in Mentmore, the typical annual property tax bill is around $202, significantly lower than the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Mentmore's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Mentmore 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
Mentmore, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$209
Ownwell’s Mentmore Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Mentmore using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mentmore to provide an estimate of your property tax bill. This valuable tool enables you to understand potential tax liabilities better. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by the county for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Mentmore, New Mexico
Property taxes in Mentmore, New Mexico, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mentmore is 0.98%, slightly below the U.S. national median of 0.99%. Local government entities within Mentmore set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mentmore 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 Mentmore's effective property tax rate to other areas in McKinley County and the national median. For comparison, the 87319 zip code has the highest median property tax rate of 0.98%, while also having the lowest median tax rate of 0.98%. Understanding how these areas compare with Mentmore 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 Mentmore Tax Rate
0.98%
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 Mentmore, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87319 | 0.61% | 0.97% | 0.98% | 0.98% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Mentmore, New Mexico
In Mentmore, 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 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 Mentmore, 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 Mentmore helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In McKinley County, the highest median tax bill is $202.00 in zip code 87319, while the lowest median tax bill is also $202.00 in the same zip code.
Average Mentmore Assessed Value
$21,300
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 Mentmore, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87319 | $6,612 | $8,790 | $21,300 | $55,630 | $91,466 |
Source: Ownwell
Property Tax Bills Across Mentmore, New Mexico
In Mentmore, property tax bills are calculated based on the assessed value of a home, which is determined by the McKinley County assessor's office. The assessed value is a percentage of the home's market value, and this value is then multiplied by the local tax rate to determine the tax bill. Factors such as the property's location, size, and condition influence its market value, and consequently, its assessed value. Homeowners in Mentmore can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $82, while at the 75th percentile, it rises to $543. At the 90th percentile, homeowners might see a tax bill as high as $893. These variations highlight the impact of property value and location on tax obligations. Despite McKinley County's relatively low median home price of $21,300, property taxes can still be a significant expense for homeowners. Comparing this to the national median property tax rate of 0.99%, Mentmore's property tax rates demonstrate the localized nature of property taxation and its effects on homeowners.
Average Mentmore Tax Bill
$202
Average Mckinley County Tax Bill
$899
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Mentmore, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87319 | $47 | $82 | $202 | $543 | $893 |
Source: Ownwell