Jal, New Mexico Property Taxes
The median property tax rate in JAL, NM is 0.76%, which is lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in JAL, the typical annual property tax bill amounts to $250, significantly below the national median of $2,690. Property taxes in JAL 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 JAL's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of JAL 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
Jal, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$258
Ownwell’s JAL Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in JAL with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in JAL 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 Jal, New Mexico
Property taxes in JAL, 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 JAL is 0.76%, which is lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within JAL set these rates annually, and they can vary significantly across different neighborhoods. Each year, JAL 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 JAL's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 88252 zip code has both the highest and lowest median property tax rate of 0.76%. Understanding how these cities compare with JAL provides valuable insights into the varying tax landscape across Lea County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jal Tax Rate
0.76%
Average Lea County Tax Rate
0.89%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jal, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88252 | 0.58% | 0.74% | 0.76% | 0.79% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Jal, New Mexico
In JAL, 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 Lea 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 JAL, 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 zip code 88252 has the highest and lowest median tax bill of $250. Being aware of these valuation processes in JAL helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Jal Assessed Value
$34,002
Average Lea County Assessed Value
$54,759
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jal, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88252 | $8,725 | $18,772 | $34,002 | $58,738 | $112,764 |
Source: Ownwell
Property Tax Bills Across Jal, New Mexico
In JAL, situated in Lea County, NM, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in JAL, understanding these factors is crucial as they directly impact their financial obligations. The median home price in JAL is $34,002, and tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $134, while at the 75th percentile, it rises to $440. Homeowners at the 90th percentile face a tax bill of $883. In comparison to the national median property tax rate of 0.99%, the tax rates in JAL can be considered relatively modest. However, even within Lea County, there are variances, as evidenced by the highest and lowest median tax bills, both recorded at $250 in zip code 88252. Understanding these nuances helps homeowners better anticipate and manage their property tax expenses.
Average Jal Tax Bill
$250
Average Lea County Tax Bill
$468
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Jal, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88252 | $61 | $134 | $250 | $440 | $883 |
Source: Ownwell