Holman, New Mexico Property Taxes
The median property tax rate in Holman, NM is 0.57%, considerably lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Holman at $101,697, the typical annual property tax bill reaches $560, significantly below the national median of $2,690. Property taxes in Holman are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Holman'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 Holman 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
Holman, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$580
Ownwell’s Holman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Holman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Holman 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 Holman, New Mexico
Property taxes in Holman, New Mexico, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Holman is 0.57%, which is lower than the U.S. national median of 0.99%. Local government entities within Holman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Holman 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 Holman's effective property tax rate to other areas in New Mexico and the national median. For comparison, the zip code 87723 has the highest median property tax rate of 0.57%, while the same zip code also has the lowest median tax rate of 0.57%. Understanding how these areas compare with Holman provides valuable insights into the varying tax landscape across Mora County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Holman Tax Rate
0.57%
Average Mora County Tax Rate
0.58%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Holman, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87723 | 0.49% | 0.54% | 0.57% | 0.58% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Holman, New Mexico
In Holman, 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 Mora 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 Holman, 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 Holman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Holman are both recorded at $560 in zip code 87723.
Average Holman Assessed Value
$101,697
Average Mora County Assessed Value
$61,740
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Holman, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87723 | $21,498 | $50,479 | $101,697 | $122,472 | $134,210 |
Source: Ownwell
Property Tax Bills Across Holman, New Mexico
In Holman, located in Mora County, NM, property tax bills are determined by assessing the market value of a home and then applying the local tax rate. Homeowners in Holman typically see tax bills that vary widely based on the assessed value of their property. Factors such as the property's size, location, and market conditions all play a role in this assessment. For instance, the median home price in Holman is $101,697. Property tax bills range from $294 at the 25th percentile to $693 at the 75th percentile, with the 90th percentile reaching up to $772. These figures highlight the variation in property tax burdens among homeowners. The median tax bill in the area is $560, which is relatively modest compared to the national median property tax rate of 0.99%. Understanding these factors can help homeowners in Holman better anticipate their property tax obligations and manage their finances accordingly.
Average Holman Tax Bill
$560
Average Mora County Tax Bill
$365
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Holman, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87723 | $112 | $294 | $560 | $693 | $772 |
Source: Ownwell