Chaparral, New Mexico Property Taxes
The median property tax rate in Chaparral, NM is 1.02%, slightly higher than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Chaparral, the typical annual property tax bill reaches $213, which is significantly lower than the national median of $2,690. Property taxes in Chaparral are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Chaparral'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 Chaparral 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
Chaparral, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$235
Ownwell’s Chaparral Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chaparral with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chaparral 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 Chaparral, New Mexico
Property taxes in Chaparral, 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 Chaparral is 1.02%, higher than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Chaparral set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chaparral 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 Chaparral's effective property tax rate to other areas in New Mexico and the national median. For comparison, the 88081 zip code has the highest median property tax rate of 1.02%, while the same 88081 zip code also has the lowest median tax rate of 1.02%. Understanding how these figures compare with Chaparral provides valuable insights into the varying tax landscape across Doña Ana County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chaparral Tax Rate
1.02%
Average Doaana County Tax Rate
1.02%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chaparral, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88021 | 0.10% | 0.12% | 0.35% | 0.71% | 0.85% |
| 88081 | 0.71% | 0.98% | 1.02% | 1.02% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Chaparral, New Mexico
In Chaparral, New Mexico, understanding the difference between "market value" and "assessed value" is essential 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 Doña Ana 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 Chaparral, 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. The median home price in Chaparral is $23,000, with tax bills ranging from $122 at the 25th percentile to $1,315 at the 90th percentile. The highest and lowest median tax bills are both $214, found in the 88081 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Chaparral Assessed Value
$23,000
Average Doaana County Assessed Value
$120,428
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chaparral, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88021 | $4,500 | $8,095 | $11,778 | $18,908 | $29,554 |
| 88081 | $6,533 | $13,508 | $23,000 | $60,398 | $132,181 |
Source: Ownwell
Property Tax Bills Across Chaparral, New Mexico
In Chaparral, located in Doña Ana County, NM, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value and applies an assessment ratio to it. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $23,000, homeowners in Chaparral can expect varying tax bills. The 25th percentile tax bill is around $122, while the 75th percentile tax bill reaches approximately $583. For those at the higher end, the 90th percentile tax bill can be as much as $1,315. These tax bills can significantly impact homeowners, influencing their overall housing costs and financial planning. Compared to the national median property tax rate of 0.99%, Chaparral offers relatively lower property tax rates, which can be an attractive factor for potential homeowners looking for affordability in property taxes.
Average Chaparral Tax Bill
$213
Average Doaana County Tax Bill
$1,201
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Chaparral, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88021 | $5 | $7 | $32 | $127 | $213 |
| 88081 | $56 | $122 | $214 | $590 | $1,325 |
Source: Ownwell