Gallup, New Mexico Property Taxes
The median property tax rate in Gallup, NM is 1.26%, notably higher than both the national median of 0.99% and New Mexico's state median of 0.86%. With a median home value of $81,710 in Gallup, the typical annual property tax bill amounts to $965, which is significantly lower than the national median of $2,690. Property taxes in Gallup are based on the tax assessed value, which is generally lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Gallup'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 Gallup or another part of McKinley County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gallup, 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 Gallup Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gallup with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gallup 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 Gallup, New Mexico
Property taxes in Gallup, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gallup is 1.26%, significantly higher than the U.S. national median of 0.99%. Local government entities within Gallup set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gallup 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 Gallup's effective property tax rate to other areas in New Mexico and the national median. For comparison, the 87301 zip code has the highest median property tax rate of 1.26%, while the 87305 zip code has the lowest median tax rate of 0.73%. Understanding how these areas compare with Gallup 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 Gallup Tax Rate
1.26%
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 Gallup, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87301 | 0.83% | 0.98% | 1.26% | 1.26% | 1.26% |
| 87305 | 0.40% | 0.46% | 0.73% | 0.98% | 0.98% |
| 87317 | 0.57% | 0.83% | 0.93% | 0.98% | 0.98% |
| 87319 | 0.55% | 0.86% | 0.98% | 0.98% | 0.98% |
| 87326 | 0.23% | 0.42% | 0.74% | 0.84% | 0.91% |
| 87375 | 0.73% | 0.77% | 0.84% | 0.91% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Gallup, New Mexico
In Gallup, 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 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 Gallup, 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. For instance, the highest median tax bill in Gallup is $970 in the 87301 zip code, while the lowest median tax bill is $112 in the 87319 zip code. 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 Gallup helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gallup Assessed Value
$81,710
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 Gallup, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87301 | $7,356 | $20,740 | $82,290 | $146,320 | $221,666 |
| 87305 | $59,142 | $60,690 | $68,200 | $83,640 | $99,462 |
| 87317 | $7,875 | $8,445 | $33,245 | $75,085 | $92,224 |
| 87319 | $6,230 | $7,550 | $12,780 | $20,320 | $47,870 |
| 87326 | $10,246 | $15,490 | $24,230 | $126,944 | $188,573 |
| 87375 | $11,158 | $12,850 | $15,670 | $18,490 | $20,182 |
Source: Ownwell
Property Tax Bills Across Gallup, New Mexico
In Gallup, McKinley County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the property's market value. Once the assessed value is established, local tax rates are applied to calculate the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Gallup, the median home price is $81,710, and the property tax rate is competitive with the national median property tax rate of 0.99%. Tax bills can vary significantly, with the 25th percentile tax bill at $202 and the 75th percentile reaching $1,746. The highest median tax bill in the area is $970 in the 87301 zip code, while the lowest is $112 in the 87319 zip code. These variations in tax bills can impact homeowners' financial planning, as higher property taxes can increase the overall cost of homeownership. Understanding these factors can help homeowners budget effectively and anticipate their annual property tax obligations.
Average Gallup Tax Bill
$965
Average Mckinley County Tax Bill
$899
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Gallup, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87301 | $69 | $207 | $970 | $1,758 | $2,701 |
| 87305 | $318 | $369 | $499 | $634 | $692 |
| 87317 | $51 | $75 | $295 | $720 | $818 |
| 87319 | $53 | $71 | $112 | $194 | $489 |
| 87326 | $41 | $93 | $178 | $1,181 | $1,783 |
| 87375 | $103 | $111 | $124 | $137 | $144 |
Source: Ownwell