Dexter, New Mexico Property Taxes
The median property tax rate in Dexter, 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 a median home value of $29,189 in Dexter, the typical annual property tax bill is $208, significantly below the national median of $2,690. Property taxes in Dexter 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 Dexter'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 Dexter 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
Dexter, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$216
Ownwell’s Dexter Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dexter with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dexter 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 Dexter, New Mexico
Property taxes in Dexter, 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 Dexter is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Dexter set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dexter 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 Dexter's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 88230 has the highest median property tax rate of 0.74%, while the same zip code also has the lowest median tax rate of 0.74%. Understanding how these cities compare with Dexter provides valuable insights into the varying tax landscape across Chaves County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dexter Tax Rate
0.74%
Average Chaves County Tax Rate
0.90%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dexter, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88230 | 0.52% | 0.66% | 0.74% | 0.88% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Dexter, New Mexico
In Dexter, 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 Chaves 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 Dexter, 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 Dexter helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 88230, with a median tax bill of $208.
Average Dexter Assessed Value
$29,189
Average Chaves County Assessed Value
$70,868
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dexter, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88230 | $4,956 | $10,227 | $29,189 | $70,824 | $128,330 |
Source: Ownwell
Property Tax Bills Across Dexter, New Mexico
In Dexter, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. For Dexter homeowners, the median home price is $29,189. The tax bill can vary significantly, with the 25th percentile at $63 and the 75th percentile reaching $531. The 90th percentile sees tax bills as high as $1,106. The highest median tax bill recorded in Dexter is $208, which is consistent across the zip code 88230. These property tax bills contribute to local services such as schools, infrastructure, and emergency services. Understanding these factors can help homeowners anticipate their annual property tax obligations and budget accordingly. The local tax rate in Dexter, NM, is relatively low compared to the national median property tax rate of 0.99%, making it an affordable area for property owners.
Average Dexter Tax Bill
$208
Average Chaves County Tax Bill
$601
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Dexter, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88230 | $26 | $63 | $208 | $531 | $1,106 |
Source: Ownwell