Artesia, New Mexico Property Taxes
The median property tax rate in Artesia, NM is 0.66%, 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 $51,091 in Artesia, the typical annual property tax bill is $363, which is significantly less than the national median of $2,690. Property taxes in Artesia are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, including those for primary residences and agricultural properties. Understanding Artesia'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 Artesia 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
Artesia, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$337
Ownwell’s Artesia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Artesia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Artesia 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 Artesia, New Mexico
Property taxes in Artesia, 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 Artesia is 0.66%, which is lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Artesia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Artesia 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 Artesia's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 88210 has both the highest and lowest median property tax rate of 0.66%. Understanding how these cities compare with Artesia provides valuable insights into the varying tax landscape across Eddy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Artesia Tax Rate
0.66%
Average Eddy County Tax Rate
0.67%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Artesia, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88210 | 0.44% | 0.54% | 0.66% | 0.73% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Artesia, New Mexico
In Artesia, 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 Eddy 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 Artesia, 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 Artesia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Artesia are both $364.00, found in the 88210 zip code.
Average Artesia Assessed Value
$51,091
Average Eddy County Assessed Value
$48,197
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Artesia, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88210 | $5,000 | $13,426 | $51,033 | $154,308 | $307,136 |
Source: Ownwell
Property Tax Bills Across Artesia, New Mexico
In Artesia, located in Eddy County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is typically a percentage of the property's market value. For instance, with a median home price of $51,091, the tax bill can vary significantly depending on the specific valuation and applicable tax rates. Various factors influence the final tax bill, including property characteristics, exemptions, and local tax rates. Homeowners in Artesia can expect tax bills ranging from $99 at the 25th percentile to $2,257 at the 90th percentile. The median tax bill in the area is $364, which is lower than the national median property tax rate of 0.99%. This lower tax burden can be beneficial for homeowners, making property ownership more affordable compared to other regions. However, it's essential for homeowners to stay informed about their property's assessed value and any available exemptions to ensure they are not overpaying on their property taxes.
Average Artesia Tax Bill
$363
Average Eddy County Tax Bill
$355
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Artesia, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88210 | $30 | $99 | $364 | $1,136 | $2,257 |
Source: Ownwell