Lake Arthur, New Mexico Property Taxes
The median property tax rate in Lake Arthur, 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 the median home value in Lake Arthur at $23,547, the typical annual property tax bill is $160, significantly below the national median of $2,690. Property taxes in Lake Arthur are calculated based on the assessed value, which often falls below the market value due to exemptions like primary residence and agricultural exemptions. Understanding Lake Arthur'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 Lake Arthur or another part of Chaves County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake Arthur, 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 Lake Arthur Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Lake Arthur. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Lake Arthur to provide an accurate estimate of your property tax bill. This helpful tool allows you to understand your potential tax liabilities better. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Lake Arthur, New Mexico
Property taxes in Lake Arthur, New Mexico, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Lake Arthur is 0.72%, which is lower than the New Mexico state median of 0.76% and the U.S. national median of 0.99%. Local government entities within Lake Arthur set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Arthur 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 Lake Arthur's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 88253 zip code has the highest median property tax rate of 0.72%, while the same zip code also has the lowest median tax rate of 0.72%. Understanding how these cities compare with Lake Arthur 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 Lake Arthur Tax Rate
0.72%
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 Lake Arthur, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88253 | 0.51% | 0.58% | 0.72% | 0.76% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Lake Arthur, New Mexico
In Lake Arthur, 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 Lake Arthur, 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 Lake Arthur 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 $160.00, found in the 88253 zip code.
Average Lake Arthur Assessed Value
$23,547
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 Lake Arthur, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88253 | $3,342 | $6,610 | $23,547 | $54,056 | $104,826 |
Source: Ownwell
Property Tax Bills Across Lake Arthur, New Mexico
In Lake Arthur, property tax bills are calculated based on the assessed value of a property, which is determined by the Chaves County Assessor's Office. The assessed value is typically a percentage of the market value of the home. Homeowners in Lake Arthur can expect a wide range of property tax bills, with the 25th percentile paying around $37 and the 75th percentile paying up to $360 annually. The 90th percentile tax bill can go as high as $667. These taxes are used to fund local services such as public schools, infrastructure, and emergency services, directly impacting the quality of life in the community. Compared to the national median property tax rate of 0.99%, Lake Arthur's tax scenario reflects a relatively lower burden on homeowners. However, the exact amount each homeowner pays can vary significantly based on the assessed value of their property and the specific tax rate applied by local authorities. This variability underscores the importance of understanding how local property taxes are calculated and their implications for financial planning.
Average Lake Arthur Tax Bill
$160
Average Chaves County Tax Bill
$601
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Arthur, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88253 | $16 | $37 | $160 | $360 | $667 |
Source: Ownwell