Melrose, New Mexico Property Taxes
The median property tax rate in Melrose, NM is 0.65%, significantly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Melrose, the typical annual property tax bill reaches $143, well below the national median of $2,690. Property taxes in Melrose 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 Melrose'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 Melrose 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
Melrose, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$208
Ownwell’s Melrose Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Melrose with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Melrose 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 Melrose, New Mexico
Property taxes in Melrose, 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 Melrose is 0.65%, which is lower than the U.S. national median of 0.99%. Local government entities within Melrose set these rates annually, and they can vary significantly across different neighborhoods. Each year, Melrose 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 Melrose's effective property tax rate to other areas and the national median. For comparison, the zip code 88124 has both the highest and lowest median property tax rate of 0.65%. Understanding how these areas compare with Melrose 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 Melrose Tax Rate
0.65%
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 Melrose, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88124 | 0.37% | 0.62% | 0.65% | 0.65% | 0.66% |
Source: Ownwell
Property Tax Assessment Values Across Melrose, New Mexico
In Melrose, 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 Quay 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 Melrose, 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 median home price in Melrose stands at $32,068, with the 25th percentile tax bill at $59 and the 75th percentile tax bill at $339. Notably, the zip code 88124 has the highest and lowest median tax bill, both at $143. Being aware of these valuation processes in Melrose helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Melrose Assessed Value
$32,068
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 Melrose, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88124 | $3,561 | $11,208 | $32,068 | $48,164 | $86,262 |
Source: Ownwell
Property Tax Bills Across Melrose, New Mexico
In Melrose, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the Quay County Assessor's office. The assessed value is a percentage of the property's market value, and this figure is then multiplied by the local tax rate to determine the annual tax bill. Factors such as the property's location, size, and condition can influence its assessed value. For homeowners in Melrose, the median home price is $32,068. Property tax bills vary significantly, with the 25th percentile paying around $59 annually and the 75th percentile facing bills up to $339. At the 90th percentile, tax bills can reach $558. The highest and lowest median tax bills in the area are both $143, located in the 88124 zip code. Compared to the national median property tax rate of 0.99%, Melrose offers relatively affordable property taxes. Understanding these factors helps homeowners anticipate their annual expenses and budget accordingly.
Average Melrose Tax Bill
$143
Average Quay County Tax Bill
$307
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Melrose, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88124 | $23 | $59 | $143 | $339 | $558 |
Source: Ownwell