Black Hat, New Mexico Property Taxes
The median property tax rate in BLACK HAT, NM is 0.98%, slightly below the national median of 0.99% but higher than the New Mexico state median of 0.86%. With the median home value in BLACK HAT, the typical annual property tax bill is $411, significantly lower than the national median of $2,690. Property taxes in BLACK HAT are calculated based on the tax assessed value, which often falls below market value due to various exemptions like the primary residence and agricultural exemptions. Understanding BLACK HAT'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 BLACK HAT 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
Black Hat, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$471
Ownwell’s BLACK HAT Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BLACK HAT with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BLACK HAT 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 Black Hat, New Mexico
Property taxes in BLACK HAT, 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 BLACK HAT is 0.98%, slightly below the U.S. national median of 0.99%. Local government entities within BLACK HAT set these rates annually, and they can vary significantly across different neighborhoods. Each year, BLACK HAT 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 BLACK HAT's effective property tax rate to other areas in New Mexico and the national median. For comparison, the zip code 87301 has both the highest and lowest median property tax rate in McKinley County at 0.98%. Understanding how these areas compare with BLACK HAT provides valuable insights into the varying tax landscape across McKinley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Black Hat Tax Rate
0.98%
Average Mckinley County Tax Rate
1.20%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Black Hat, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87301 | 0.71% | 0.94% | 0.98% | 0.98% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Black Hat, New Mexico
In BLACK HAT, 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 McKinley 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 BLACK HAT, 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 87301 has the highest median tax bill at $411. By being aware of these valuation processes, homeowners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Black Hat Assessed Value
$48,040
Average Mckinley County Assessed Value
$79,030
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Black Hat, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87301 | $7,040 | $10,860 | $48,040 | $87,170 | $166,123 |
Source: Ownwell
Property Tax Bills Across Black Hat, New Mexico
In BLACK HAT, McKinley County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the market value of the property. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including the property's location, size, and condition. Homeowners in BLACK HAT typically experience a wide range of tax bills. For example, the 25th percentile tax bill is $106, while the 75th percentile tax bill is $759, and the 90th percentile tax bill can reach up to $1622. Comparatively, the median home price in BLACK HAT is $48,040, significantly lower than the national median property tax rate of 0.99%. This variance in property tax bills can have substantial effects on homeowners, impacting their annual budgets and overall financial planning. Understanding these factors can help homeowners in BLACK HAT better prepare for their property tax obligations.
Average Black Hat Tax Bill
$411
Average Mckinley County Tax Bill
$899
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Black Hat, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87301 | $71 | $106 | $411 | $759 | $1,622 |
Source: Ownwell