Pinon, New Mexico Property Taxes
The median property tax rate in Pinon, NM is 0.60%, considerably lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Pinon at $82,844, the typical annual property tax bill is $438, well below the national median of $2,690. Property taxes in Pinon are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Pinon'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 Pinon 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
Pinon, New Mexico Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,720
Ownwell’s Pinon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pinon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pinon 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 Pinon, New Mexico
Property taxes in Pinon, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pinon is 0.60%, significantly lower than the U.S. national median of 0.99%. Local government entities within Pinon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pinon 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 Pinon's effective property tax rate to other areas in New Mexico and the national median. For comparison, the highest and lowest median property tax rates in Otero County, where Pinon is located, are both 0.60%, matching Pinon's rate. Understanding how these cities compare with Pinon provides valuable insights into the varying tax landscape across Otero County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pinon Tax Rate
0.60%
Average Otero County Tax Rate
0.80%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pinon, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88344 | 0.50% | 0.54% | 0.60% | 0.65% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Pinon, New Mexico
In Pinon, 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 Otero 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 Pinon, 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. Notably, the zip code 88344 in Pinon has both the highest and lowest median tax bill at $438. Being aware of these valuation processes in Pinon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Pinon Assessed Value
$82,844
Average Otero County Assessed Value
$117,358
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pinon, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88344 | $19,872 | $31,638 | $82,844 | $169,013 | $324,404 |
Source: Ownwell
Property Tax Bills Across Pinon, New Mexico
In Pinon, located in Otero County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value typically reflects a percentage of the market value of the property. For instance, with a median home price of $82,844 in Pinon, the property tax rate is applied to this assessed value to determine the tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Pinon experience a range of property tax bills. At the 25th percentile, the tax bill is around $193, while at the 75th percentile, it rises to approximately $1,250. For those in the 90th percentile, it can reach up to $2,111. Comparatively, the national median property tax rate is 0.99%, indicating that Pinon's tax rates can vary significantly within the community. These tax bills are crucial as they fund essential local services like schools, public safety, and infrastructure, directly impacting homeowners and their community.
Average Pinon Tax Bill
$438
Average Otero County Tax Bill
$861
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Pinon, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88344 | $123 | $193 | $438 | $1,250 | $2,111 |
Source: Ownwell