Bent, New Mexico Property Taxes
The median property tax rate in BENT, NM is 0.64%, significantly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With a median home value of $115,937 in BENT, the typical annual property tax bill is around $798, which is also well below the national median of $2,690. Property taxes in BENT are calculated based on the tax assessed value, which is often less than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding BENT'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 BENT 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
Bent, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$742
Ownwell’s BENT Property Tax Bill Calculator aids homeowners, real estate investors, and potential buyers in estimating their annual property taxes in BENT with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in BENT to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those 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 Bent, New Mexico
Property taxes in BENT, 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 BENT is 0.64%, which is lower than the U.S. national median of 0.99%. Local government entities within BENT set these rates annually, and they can vary significantly across different neighborhoods. Each year, BENT 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 BENT's effective property tax rate to other areas in New Mexico and the national median. For comparison, the zip code 88314 has the highest median property tax rate of 0.64%, while the same zip code also has the lowest median tax rate of 0.64%. Understanding how these cities compare with BENT provides valuable insights into the varying tax landscape across Otero County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bent Tax Rate
0.64%
Average Otero County Tax Rate
0.80%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bent, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88314 | 0.53% | 0.62% | 0.64% | 0.67% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Bent, New Mexico
In BENT, 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 Otero 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 BENT, 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 BENT helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in BENT is $798, found in zip code 88314, while the lowest median tax bill is also $798 in the same zip code.
Average Bent Assessed Value
$115,937
Average Otero County Assessed Value
$117,358
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bent, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88314 | $29,742 | $65,456 | $115,937 | $232,395 | $332,834 |
Source: Ownwell
Property Tax Bills Across Bent, New Mexico
In BENT, Otero County, NM, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. The median home price in this area is $115,937. Local tax authorities then apply the property tax rate to this assessed value to determine your annual tax bill. For example, homeowners in the 25th percentile typically pay around $379, while those in the 75th percentile see tax bills closer to $1,656. The top 10% of homeowners face even higher bills, averaging $2,605 annually. Several factors influence these tax amounts, including property size, location, and any applicable exemptions or abatements. Compared to the national median property tax rate of 0.99%, BENT's rates can significantly impact homeowners, especially those with higher-valued properties. Understanding these elements can help homeowners anticipate their tax liabilities and plan accordingly, ensuring they are not caught off guard by their annual property tax bills.
Average Bent Tax Bill
$798
Average Otero County Tax Bill
$861
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Bent, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88314 | $159 | $379 | $798 | $1,656 | $2,605 |
Source: Ownwell