Hope, New Mexico Property Taxes
The median property tax rate in Hope, NM is 0.56%, 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 Hope, the typical annual property tax bill reaches $607, significantly below the national median of $2,690. Property taxes in Hope 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 Hope'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 Hope 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
Hope, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$598
Ownwell’s HOPE Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in HOPE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in HOPE 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 Hope, New Mexico
Property taxes in Hope, 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 Hope is 0.56%, which is notably lower than the U.S. national median of 0.99%. Local government entities within Hope set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hope 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 Hope's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 88250 zip code has both the highest and lowest median property tax rate of 0.56%. Understanding how these cities compare with Hope 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 Hope Tax Rate
0.56%
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 Hope, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88250 | 0.51% | 0.55% | 0.56% | 0.58% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Hope, New Mexico
In Hope, 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 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 Hope, 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 Hope helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Hope are both $607, found in the 88250 zip code.
Average Hope Assessed Value
$106,716
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 Hope, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88250 | $48,152 | $74,565 | $106,716 | $155,394 | $182,660 |
Source: Ownwell
Property Tax Bills Across Hope, New Mexico
Property tax bills in Hope, Chaves County, NM, are calculated based on the assessed value of a property, which is determined by local tax authorities. This assessed value is then multiplied by the local property tax rate to calculate the annual tax bill. The median home price in Hope is $106,716, and local tax bills can vary significantly. For instance, the 25th percentile tax bill is $438, while the 75th percentile tax bill is $868. At the 90th percentile, homeowners can expect to pay around $1,056 annually. These tax bills are influenced by various factors, including property size, location, and improvements. Homeowners in Hope should be aware that their property tax bill can impact their overall housing costs, making it essential to understand how these taxes are determined and to plan accordingly. Compared to the national median property tax rate of 0.99%, Hope's property taxes offer a unique perspective on local tax burdens.
Average Hope Tax Bill
$607
Average Chaves County Tax Bill
$601
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Hope, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88250 | $256 | $438 | $607 | $868 | $1,056 |
Source: Ownwell