House, New Mexico Property Taxes
The median property tax rate in HOUSE, NM is 0.74%, which is notably lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in HOUSE, the typical annual property tax bill amounts to $249, significantly below the national median of $2,690. Property taxes in HOUSE are calculated based on the assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding HOUSE'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 HOUSE or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
House, 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 HOUSE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in HOUSE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in HOUSE 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 House, New Mexico
Property taxes in HOUSE, New Mexico, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in HOUSE is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within HOUSE set these rates annually, and they can vary significantly across different neighborhoods. Each year, HOUSE 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 HOUSE's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 88121 zip code has both the highest and lowest median property tax rate of 0.74%. Understanding how these cities compare with HOUSE provides valuable insights into the varying tax landscape across Quay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average House Tax Rate
0.74%
Average Quay County Tax Rate
0.98%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across House, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88121 | 0.70% | 0.74% | 0.74% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across House, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in HOUSE, New Mexico. 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 Quay County Assessor's Office 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 HOUSE, 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. The zip code 88121 in HOUSE has the highest and lowest median tax bill at $249. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average House Assessed Value
$27,276
Average Quay County Assessed Value
$31,267
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across House, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88121 | $6,354 | $11,697 | $27,276 | $64,470 | $100,251 |
Source: Ownwell
Property Tax Bills Across House, New Mexico
In HOUSE, located in Quay County, NM, property tax bills are calculated based on the assessed value of the property. The assessed value is a percentage of the market value, determined by the county assessor. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual tax bill. For homeowners in HOUSE, the median home price is $27,276. Property tax bills can vary significantly, with the 25th percentile paying around $91, while those in the 75th percentile face bills of approximately $508. At the higher end, the 90th percentile sees tax bills reaching up to $833. Interestingly, the highest and lowest median tax bills in Quay County are both $249, indicating a relatively consistent tax rate across different areas. These property taxes fund essential public services such as schools, infrastructure, and emergency services. Understanding how these taxes are calculated helps homeowners anticipate their financial obligations and plan accordingly.
Average House Tax Bill
$249
Average Quay County Tax Bill
$307
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across House, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88121 | $38 | $91 | $249 | $508 | $833 |
Source: Ownwell