Nara Visa, New Mexico Property Taxes
The median property tax rate in Nara Visa, NM is 0.75%, notably lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Nara Visa, the typical annual property tax bill is $143, significantly below the national median of $2,690. Property taxes in Nara Visa are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Nara Visa'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 Nara Visa 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
Nara Visa, 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 Nara Visa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Nara Visa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Nara Visa 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 Nara Visa, New Mexico
Property taxes in Nara Visa, 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 Nara Visa is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Nara Visa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nara Visa 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 Nara Visa's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 88430 zip code has the highest median property tax rate of 0.75%, while the 88430 zip code also has the lowest median tax rate of 0.75%. Understanding how these areas compare with Nara Visa provides valuable insights into the varying tax landscape across Quay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Nara Visa Tax Rate
0.75%
Average Quay County Tax Rate
0.98%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nara Visa, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88430 | 0.64% | 0.75% | 0.75% | 0.75% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Nara Visa, New Mexico
In Nara Visa, 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 Quay 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 Nara Visa, 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 Nara Visa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Nara Visa are both $143, found in zip code 88430. The tax bills range from the 25th percentile at $80 to the 90th percentile at $737, providing a clear picture of the variability in property tax liabilities within the area.
Average Nara Visa Assessed Value
$20,585
Average Quay County Assessed Value
$31,267
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Nara Visa, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88430 | $5,300 | $12,168 | $20,585 | $45,385 | $103,910 |
Source: Ownwell
Property Tax Bills Across Nara Visa, New Mexico
In Nara Visa, Quay County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The median home price in Nara Visa is $20,585. Property taxes are calculated by applying the local tax rate to the assessed value of the property. The tax rate is set annually by local government authorities and can vary based on budgetary needs and public services funding. Homeowners in Nara Visa can expect property tax bills to range significantly. For example, the 25th percentile tax bill is around $80, while the 75th percentile tax bill is approximately $358. At the higher end, the 90th percentile tax bill can reach up to $737. This variation is influenced by factors such as property size, location, and any applicable exemptions or abatements. Compared to the national median property tax rate of 0.99%, Nara Visa's property tax rates can be considered relatively low. However, these taxes still play a crucial role in funding essential community services, including schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners.
Average Nara Visa Tax Bill
$143
Average Quay County Tax Bill
$307
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Nara Visa, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88430 | $38 | $80 | $143 | $358 | $737 |
Source: Ownwell