Dora, New Mexico Property Taxes
The median property tax rate in Dora, NM is 0.67%, 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 Dora at $32,242, the typical annual property tax bill reaches $217, significantly below the national median of $2,690. Property taxes in Dora 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 Dora'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 Dora or another part of Roosevelt County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Dora, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.67%
Estimate Property Tax Bill
$216
Ownwell’s DORA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in DORA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in DORA 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 Dora, New Mexico
Property taxes in Dora, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dora is 0.67%, lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Dora set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dora 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 Dora's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 88115 zip code has the highest median property tax rate of 0.67%, while the same zip code also has the lowest median tax rate of 0.67%. Understanding how these cities compare with Dora provides valuable insights into the varying tax landscape across Roosevelt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dora Tax Rate
0.67%
Average Roosevelt County Tax Rate
0.72%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dora, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88115 | 0.66% | 0.66% | 0.67% | 0.69% | 0.71% |
Source: Ownwell
Property Tax Assessment Values Across Dora, New Mexico
In DORA, 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 Roosevelt 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 DORA, 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, the median home price in DORA is $32,242, with tax bills ranging from $122 at the 25th percentile to $929 at the 90th percentile. The zip code with the highest and lowest median tax bill is 88115, both at $217. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Dora Assessed Value
$32,242
Average Roosevelt County Assessed Value
$25,631
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dora, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88115 | $7,275 | $17,762 | $32,242 | $70,642 | $135,401 |
Source: Ownwell
Property Tax Bills Across Dora, New Mexico
In DORA, Roosevelt County, NM, property tax bills are determined based on the assessed value of a home. The assessed value is typically a percentage of the market value of the property. For instance, with a median home price of $32,242, the assessed value would be used to calculate the property tax owed. Several factors influence the final tax bill, including local tax rates, property characteristics, and any applicable exemptions. Homeowners in DORA experience a range of property tax bills. For example, 25% of homeowners pay $122 or less, while those at the 75th percentile pay up to $473. The top 10% of property owners face tax bills as high as $929. The highest and lowest median tax bills in the area both stand at $217, specifically in the zip code 88115. Compared to the national median property tax rate of 0.99%, the property tax burden in DORA can be relatively low. This variation in tax bills significantly impacts homeowners, influencing affordability and overall cost of living in the area.
Average Dora Tax Bill
$217
Average Roosevelt County Tax Bill
$181
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Dora, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88115 | $38 | $122 | $217 | $473 | $929 |
Source: Ownwell