Lake Arthur, New Mexico Property Taxes
The median property tax rate in Lake Arthur, NM is 0.76%, 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 $188,482, the typical annual property tax bill reaches $1,420, which is below the national median of $2,690. Property taxes in Lake Arthur are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the 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 Eddy 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
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$1,432
Ownwell’s Lake Arthur Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Arthur with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Arthur 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 Lake Arthur, New Mexico
Property taxes in Lake Arthur, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Arthur is 0.73%, lower than both the New Mexico state median of 0.55% 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 0.76%, while the same zip code also has the lowest median tax rate of 0.76%. Understanding how these cities compare with Lake Arthur 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 Lake Arthur Tax Rate
0.76%
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 Lake Arthur, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88253 | 0.55% | 0.73% | 0.76% | 0.76% | 0.77% |
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 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. 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. The median home price in Lake Arthur is $188,482, with tax bills ranging from $497 at the 25th percentile to $2,586 at the 90th percentile. The highest and lowest median tax bills both fall in the 88253 zip code, valued at $1,420. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lake Arthur Assessed Value
$188,482
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 Lake Arthur, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88253 | $24,749 | $66,922 | $188,482 | $277,944 | $350,695 |
Source: Ownwell
Property Tax Bills Across Lake Arthur, New Mexico
In Lake Arthur, NM, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. The assessed value is a percentage of the property's market value. Various factors influence the final tax bill, including the property's location, size, and any improvements or renovations. For homeowners in Lake Arthur, the median home price is $188,482. The property tax rate in Eddy County can significantly impact the annual tax bill. The 25th percentile tax bill is around $497, while the 75th percentile reaches approximately $2,044. At the higher end, the 90th percentile tax bill can be as much as $2,586. These figures illustrate the range of property tax obligations homeowners might face, depending on their property's assessed value and applicable exemptions. Compared to the national median property tax rate of 0.99%, the property tax rates in Lake Arthur can vary widely, affecting homeowners differently based on their specific circumstances. Understanding these factors can help residents better anticipate their annual property tax obligations.
Average Lake Arthur Tax Bill
$1,420
Average Eddy County Tax Bill
$355
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 | $111 | $497 | $1,420 | $2,044 | $2,586 |
Source: Ownwell