Milnesand, New Mexico Property Taxes
The median property tax rate in Milnesand, NM is 0.66%, 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 Milnesand at $59,586, the typical annual property tax bill is $414, well below the national median of $2,690. Property taxes in Milnesand are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Milnesand'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 Milnesand 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
Milnesand, 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 Milnesand Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milnesand with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milnesand 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 Roosevelt County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Milnesand, New Mexico
Property taxes in Milnesand, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milnesand is 0.66%, which is lower than the U.S. national median of 0.99%. Local government entities within Milnesand set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milnesand 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 Milnesand's effective property tax rate to other areas in New Mexico and the national median. For comparison, the zip code 88125 has the highest median property tax rate of 0.66%, while the same zip code also has the lowest median tax rate of 0.66%. Understanding how these areas compare with Milnesand 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 Milnesand Tax Rate
0.66%
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 Milnesand, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88125 | 0.57% | 0.61% | 0.66% | 0.68% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Milnesand, New Mexico
In Milnesand, 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 Milnesand, 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 Milnesand helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $414, found in zip code 88125.
Average Milnesand Assessed Value
$59,586
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 Milnesand, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88125 | $38,766 | $46,574 | $59,586 | $84,999 | $100,247 |
Source: Ownwell
Property Tax Bills Across Milnesand, New Mexico
In Milnesand, property tax bills are calculated based on the assessed value of the property and the applicable tax rate. The assessed value is determined by the local tax assessor and reflects a percentage of the property's market value. For homeowners in Roosevelt County, the median home price stands at $59,586. The resulting property tax bill varies, with the 25th percentile at $300 and the 75th percentile at $573, while the 90th percentile reaches up to $668. Several factors influence the tax bill, including property size, location, and any applicable exemptions. These taxes fund essential services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, the property tax burden in Milnesand is relatively modest. Homeowners can anticipate their annual property tax bills to fall within these ranges, impacting their overall cost of homeownership and monthly budgeting. Understanding these factors helps homeowners plan effectively and ensures they are prepared for their property tax obligations.
Average Milnesand Tax Bill
$414
Average Roosevelt County Tax Bill
$181
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Milnesand, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88125 | $231 | $300 | $414 | $573 | $668 |
Source: Ownwell