Nogal, New Mexico Property Taxes
The median property tax rate in Nogal, NM is 0.64%, significantly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Nogal at $73,263, the typical annual property tax bill amounts to $505, well below the national median of $2,690. Property taxes in Nogal 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 Nogal'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 Nogal 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
Nogal, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$469
Ownwell’s Nogal Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Nogal with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Nogal 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 Nogal, New Mexico
Property taxes in Nogal, 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 Nogal is 0.64%, which is lower than the U.S. national median of 0.99%. Local government entities within Nogal set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nogal 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 Nogal's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 88341 has the highest median property tax rate of 0.64%, while the same zip code 88341 also has the lowest median tax rate of 0.64%. Understanding how these cities compare with Nogal provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Nogal Tax Rate
0.64%
Average Lincoln County Tax Rate
0.99%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nogal, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88341 | 0.50% | 0.52% | 0.64% | 0.72% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Nogal, New Mexico
In Nogal, 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 Lincoln County Assessor's Office 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 Nogal, 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 Nogal stands at $73,263, with tax bills ranging from $163 at the 25th percentile to $2,167 at the 90th percentile. The zip code 88341 has both the highest and lowest median tax bill at $505. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Nogal Assessed Value
$73,263
Average Lincoln County Assessed Value
$90,750
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Nogal, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88341 | $6,300 | $23,277 | $73,263 | $154,857 | $301,980 |
Source: Ownwell
Property Tax Bills Across Nogal, New Mexico
In Nogal, NM, property tax bills are calculated based on the assessed value of the property, which is determined by the Lincoln County assessor's office. The assessed value is a percentage of the market value of the property, and the tax rate is applied to this assessed value. The median home price in Nogal is $73,263, which provides a basis for calculating property taxes. Homeowners in Nogal can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is $163, while the 75th percentile tax bill is $1,112. At the higher end, the 90th percentile tax bill reaches $2,167. The highest and lowest median tax bills in the area both stand at $505 in the zip code 88341. These property taxes fund essential public services such as schools, road maintenance, and emergency services, directly impacting the quality of life in Nogal. Compared to the national median property tax rate of 0.99%, Nogal's property tax rates can be seen as relatively moderate, providing a balance between affordability and community services.
Average Nogal Tax Bill
$505
Average Lincoln County Tax Bill
$1,235
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Nogal, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88341 | $50 | $163 | $505 | $1,112 | $2,167 |
Source: Ownwell