Lovington, New Mexico Property Taxes
The median property tax rate in Lovington, NM is 0.97%, slightly lower than the national median of 0.99% but higher than the New Mexico state median of 0.86%. With a median home value of $52,239 in Lovington, the typical annual property tax bill is approximately $490, which is significantly lower than the national median of $2,690. Property taxes in Lovington are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Lovington'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 Lovington 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
Lovington, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$507
Ownwell’s Lovington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lovington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lovington 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 Lea County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lovington, New Mexico
Property taxes in Lovington, New Mexico, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Lovington is 0.97%, slightly below the U.S. national median of 0.99%. Local government entities within Lovington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lovington 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 Lovington's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 88260 zip code has both the highest and lowest median property tax rate of 0.97%. Understanding how these cities compare with Lovington 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 Lovington Tax Rate
0.97%
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 Lovington, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88260 | 0.75% | 0.89% | 0.97% | 1.01% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Lovington, New Mexico
In Lovington, 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 Assessor 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 Lovington, 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 Lovington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Lovington are both recorded at $490 in the 88260 zip code.
Average Lovington Assessed Value
$52,239
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 Lovington, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88260 | $8,300 | $22,956 | $52,239 | $108,886 | $186,596 |
Source: Ownwell
Property Tax Bills Across Lovington, New Mexico
In Lovington, property tax bills are calculated based on the assessed value of a property, which is determined by the Lea County Assessor’s Office. The assessed value is a percentage of the property's market value. Factors such as property size, location, and improvements are considered in this assessment process. Once the assessed value is determined, the local tax rate is applied to calculate the annual tax bill. For homeowners in Lovington, the median home price is $52,239. The property tax rate in Lea County results in a median tax bill of $490.00, which is significantly lower than the national median property tax rate of 0.99%. Tax bills can vary widely, with the 25th percentile at $203 and the 75th percentile at $1,062, while the 90th percentile reaches up to $1,825. These variations can have a substantial impact on homeowners, influencing their annual budgeting and overall financial planning. Lower property taxes can make homeownership more affordable, but it's important to consider how these taxes fund essential local services.
Average Lovington Tax Bill
$490
Average Lea County Tax Bill
$468
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Lovington, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88260 | $73 | $203 | $490 | $1,062 | $1,825 |
Source: Ownwell