Arrey, New Mexico Property Taxes
The median property tax rate in Arrey, NM is 0.72%, which is lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With a median home value of $28,329 in Arrey, the typical annual property tax bill is $192, significantly below the national median of $2,690. Property taxes in Arrey are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Arrey'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 Arrey or another part of Sierra County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Arrey, 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 Arrey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Arrey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Arrey 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 Arrey, New Mexico
Property taxes in Arrey, New Mexico, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Arrey is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Arrey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Arrey 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 Arrey's effective property tax rate to other areas in Sierra County and the national median. For comparison, the zip code 87930 has the median property tax rate of 0.72%. Understanding how these areas compare with Arrey provides valuable insights into the varying tax landscape across Sierra County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Arrey Tax Rate
0.72%
Average Sierra County Tax Rate
0.77%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Arrey, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87930 | 0.62% | 0.72% | 0.72% | 0.76% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Arrey, New Mexico
In Arrey, 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 Sierra 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 Arrey, 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 Arrey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 87930, with a median tax bill of $192.00.
Average Arrey Assessed Value
$28,329
Average Sierra County Assessed Value
$44,145
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Arrey, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87930 | $3,441 | $6,504 | $28,329 | $59,202 | $96,816 |
Source: Ownwell
Property Tax Bills Across Arrey, New Mexico
In Arrey, Sierra County, NM, property tax bills are determined by assessing the property's value and applying the local tax rate. The median home price in Arrey is $28,329, which is significantly lower than the national median. Property taxes are calculated based on the assessed value of the home, and multiple factors influence this assessment, including the property's size, location, and condition. Homeowners in Arrey can expect their property tax bills to vary widely. For instance, the 25th percentile tax bill is around $39, while the 75th percentile reaches up to $396. At the higher end, the 90th percentile tax bill is $688. The median tax bill in the area stands at $192, which is relatively modest compared to national averages. These property taxes contribute to local services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Lower property taxes in Arrey can make homeownership more affordable, but they also reflect the lower property values in the region.
Average Arrey Tax Bill
$192
Average Sierra County Tax Bill
$335
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Arrey, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87930 | $23 | $39 | $192 | $396 | $688 |
Source: Ownwell