Truth Or Consequences, New Mexico Property Taxes
The median property tax rate in Truth or Consequences, NM is 1.39%, considerably higher than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Truth or Consequences at $6,614, the typical annual property tax bill reaches $103, which is notably lower than the national median of $2,690. Property taxes in Truth or Consequences 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 Truth or Consequences' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Truth or Consequences 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
Truth Or Consequences, 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 Truth or Consequences Property Tax Bill Calculator helps homeowners, real estate investors, and potential owners estimate their annual property taxes in Truth or Consequences with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Truth or Consequences 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 Truth Or Consequences, New Mexico
Property taxes in Truth or Consequences, New Mexico, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Truth or Consequences is 0.75%, lower than both the New Mexico state median of 0.80% and the U.S. national median of 0.99%. Local government entities within Truth or Consequences set these rates annually, and they can vary significantly across different neighborhoods. Each year, Truth or Consequences 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 Truth or Consequences' effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 87901 has the highest median property tax rate of 0.75%, while the same zip code 87901 also has the lowest median tax rate of 0.75%. Understanding how these areas compare with Truth or Consequences 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 Truth Or Consequences Tax Rate
1.39%
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 Truth Or Consequences, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87901 | 0.51% | 0.93% | 1.39% | 1.39% | 3.13% |
Source: Ownwell
Property Tax Assessment Values Across Truth Or Consequences, New Mexico
In Truth or Consequences, 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 Doña Ana County Assessor 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 Truth or Consequences, 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. For instance, the highest median tax bill in the area is $103 in the 87901 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Truth Or Consequences, New Mexico
Source: Ownwell
$5,000
$270,963
$536,925
Average Truth Or Consequences Assessed Value
$6,614
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 Truth Or Consequences, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87901 | $3,030 | $4,488 | $6,614 | $11,924 | $18,946 |
Source: Ownwell
Property Tax Bills Across Truth Or Consequences, New Mexico
In Truth or Consequences, property tax bills are calculated based on the assessed value of a property. The local government determines this value, which is often a percentage of the property's market value. Factors such as the property's location, size, and condition play a crucial role in the assessment process. Once the assessed value is established, the property tax rate is applied to calculate the annual tax bill. For homeowners in Truth or Consequences, the median home price is $6,614, resulting in varying tax bills across different percentiles. For instance, the 25th percentile tax bill is $47, while the 75th percentile tax bill is $243, and the 90th percentile tax bill reaches $315. These figures indicate that property taxes can significantly impact homeowners, especially when compared to the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their annual property tax obligations and manage their finances accordingly.
Average Truth Or Consequences Tax Bill
$103
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 Truth Or Consequences, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87901 | $19 | $47 | $103 | $243 | $315 |
Source: Ownwell