Portales, New Mexico Property Taxes
The median property tax rate in Portales, NM is 0.44%, significantly lower than both the national median of 0.99% and New Mexico's state median of 0.86%. With a median home value of $37,638 in Portales, the typical annual property tax bill is just $166, far below the national median of $2,690. Property taxes in Portales are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Portales' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Portales or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Portales, 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 Portales Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Portales with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Portales 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 Portales, New Mexico
Property taxes in Portales, 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 Portales is 0.44%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Portales set these rates annually, and they can vary across different neighborhoods. Each year, Portales 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 Portales's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 88130 has both the highest and the lowest median property tax rate in the area, standing at 0.44%. Understanding how these figures compare with Portales provides valuable insights into the varying tax landscape across Roosevelt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Portales Tax Rate
0.44%
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 Portales, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88130 | 0.44% | 0.44% | 0.44% | 0.44% | 0.44% |
Source: Ownwell
Property Tax Assessment Values Across Portales, New Mexico
In Portales, 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 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 Portales, 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 Portales helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Portales is $37,638, with the highest and lowest median tax bills both being $166 in the 88130 zip code.
Average Portales Assessed Value
$37,638
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 Portales, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88130 | $37,638 | $37,638 | $37,638 | $37,638 | $37,638 |
Source: Ownwell
Property Tax Bills Across Portales, New Mexico
In Portales, property tax bills are calculated based on the assessed value of a property, which is determined by the local county assessor. This assessed value is a percentage of the property's market value. For homeowners in Portales, the median home price is $37,638. Property tax rates in this area are relatively low, with the median tax bill being $166, which is significantly below the national median property tax rate of 0.99%. Several factors contribute to the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. For instance, exemptions for veterans, seniors, or low-income homeowners can reduce the taxable value of a property, thereby lowering the tax bill. For homeowners in Portales, understanding these factors is crucial, as property taxes impact the overall cost of homeownership. Despite the relatively low tax bills, staying informed about how these taxes are calculated can help homeowners budget effectively and take advantage of any available exemptions.
Average Portales Tax Bill
$166
Average Lea County Tax Bill
$468
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Portales, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88130 | $166 | $166 | $166 | $166 | $166 |
Source: Ownwell