Hope, New Mexico Property Taxes
The median property tax rate in Hope, NM is 0.65%, significantly 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 is $125, far below the national median of $2,690. Property taxes in Hope are calculated based on the tax assessed value, which often 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 county, 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
0.65%
Estimate Property Tax Bill
$115
Ownwell’s Hope Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Hope with just two simple data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Hope to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed information, neighborhood-level trends are available further down the page. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
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 0.65%, which is 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 areas in New Mexico and the national median. For comparison, the zip code 88250 has both the highest and lowest median property tax rate of 0.65%. Understanding how these areas compare with Hope 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 Hope Tax Rate
0.65%
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 Hope, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88250 | 0.44% | 0.53% | 0.65% | 0.68% | 0.69% |
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 Eddy 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. 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. In Hope, the highest and lowest median tax bills are both $125, found in the 88250 zip code.
Average Hope Assessed Value
$17,628
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 Hope, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88250 | $2,490 | $4,696 | $17,628 | $53,810 | $122,996 |
Source: Ownwell
Property Tax Bills Across Hope, New Mexico
In the city of Hope within Eddy County, NM, property tax bills are calculated based on the assessed value of a property. The local tax rate is applied to this assessed value to determine the annual tax bill. Various factors influence the assessed value, including the property's market value, location, and any applicable exemptions or deductions. Homeowners in Hope can expect a range of property tax bills, with the 25th percentile at $40 and the 75th percentile at $355. At the 90th percentile, tax bills can reach up to $812. Compared to the national median property tax rate of 0.99%, Hope's tax rates result in relatively lower tax bills, reflecting the median home price of $17,628 in the area. These property taxes are crucial for funding local services such as schools, infrastructure, and public safety, directly impacting the quality of life for residents. Homeowners must stay informed about their property's assessed value and any potential changes in the local tax rate to manage their financial planning effectively.
Average Hope Tax Bill
$125
Average Eddy County Tax Bill
$355
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 | $16 | $40 | $125 | $355 | $812 |
Source: Ownwell