Weed, New Mexico Property Taxes
The median property tax rate in Weed, NM is 0.53%, significantly lower than both the national median of 0.99% and New Mexico's state median of 0.86%. With a median home value of $91,314 in Weed, the typical annual property tax bill amounts to $484, well below the national median of $2,690. Property taxes in Weed are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Weed's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Weed or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Weed, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$484
Ownwell’s Weed Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Weed with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Weed 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 Weed, New Mexico
Property taxes in Weed, 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 Weed is 0.53%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Weed set these rates annually, and they can vary across different neighborhoods. Each year, Weed 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. Understanding how Weed's effective property tax rate compares to other areas 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 Weed Tax Rate
0.53%
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 Weed, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88354 | 0.45% | 0.53% | 0.53% | 0.55% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Weed, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Weed, New Mexico. 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 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 Weed, 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. Weed has a median home price of $91,314, with tax bills ranging from $290 at the 25th percentile to $1,432 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Weed Assessed Value
$91,314
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 Weed, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88354 | $37,519 | $55,119 | $91,314 | $170,256 | $279,885 |
Source: Ownwell
Property Tax Bills Across Weed, New Mexico
In Weed, Otero County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the property's market value. Homeowners in Weed typically see tax bills that range from $290 at the 25th percentile to $1432 at the 90th percentile, with a median home price of $91,314. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Weed's property taxes can be relatively affordable, making it an attractive option for homeowners. The highest and lowest median tax bills in the area are both $484, indicating some consistency in tax assessments. Property taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, thus playing a crucial role in community development and quality of life.
Average Weed Tax Bill
$484
Average Otero County Tax Bill
$861
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Weed, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88354 | $179 | $290 | $484 | $852 | $1,432 |
Source: Ownwell