Lakewood, New Mexico Property Taxes
The median property tax rate in Lakewood, NM is 0.54%, considerably lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Lakewood at $55,497, the typical annual property tax bill reaches $298, which is significantly below the national median of $2,690. Property taxes in Lakewood 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 Lakewood'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 Lakewood 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
Lakewood, 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 Lakewood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lakewood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lakewood 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 Lakewood, New Mexico
Property taxes in Lakewood, New Mexico, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Lakewood is 0.54%, which is lower than the U.S. national median of 0.99%. Local government entities within Lakewood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lakewood 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 Lakewood's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 88254 has both the highest and lowest median property tax rate in the area at 0.54%. Understanding how these figures compare with Lakewood 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 Lakewood Tax Rate
0.54%
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 Lakewood, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88254 | 0.54% | 0.54% | 0.54% | 0.54% | 0.54% |
Source: Ownwell
Property Tax Assessment Values Across Lakewood, New Mexico
In Lakewood, 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 Lakewood, 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 Lakewood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Lakewood are both $298, found in zip code 88254.
Average Lakewood Assessed Value
$55,497
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 Lakewood, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88254 | $55,497 | $55,497 | $55,497 | $55,497 | $55,497 |
Source: Ownwell
Property Tax Bills Across Lakewood, New Mexico
In Lakewood, property tax bills are determined by assessing the value of a property and applying the local tax rate to this assessed value. The assessed value is a percentage of the market value of the home, which is determined by the county assessor. For homeowners in Lakewood, the median home price is $55,497. Property tax bills in Lakewood are quite consistent, with the 25th, 75th, and 90th percentiles all showing a tax bill of $298. This uniformity indicates a stable tax environment for property owners. Compared to the national median property tax rate of 0.99%, Lakewood's property tax rate results in relatively modest tax bills. This can be beneficial for homeowners, as lower property taxes can make homeownership more affordable and less financially burdensome. However, it's essential for homeowners to stay informed about their property's assessed value and any changes in the local tax rate, as these factors directly impact their annual tax obligations.
Average Lakewood Tax Bill
$298
Average Eddy County Tax Bill
$355
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Lakewood, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88254 | $298 | $298 | $298 | $298 | $298 |
Source: Ownwell