Melrose, New Mexico Property Taxes
The median property tax rate in Melrose, NM is 0.63%, significantly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Melrose at $98,319, the typical annual property tax bill is around $680, well below the national median of $2,690. Property taxes in Melrose 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 Melrose'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 Melrose or another part of Roosevelt County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Melrose, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$619
Ownwell’s Melrose Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Melrose with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Melrose to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities, making it easier to plan your finances. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, is crucial for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Melrose, New Mexico
Property taxes in Melrose, 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 Melrose is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Melrose set these rates annually, and they can vary significantly across different neighborhoods. Each year, Melrose 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 Melrose's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 88124 zip code has both the highest and the lowest median property tax rate of 0.63%. Understanding how these cities compare with Melrose provides valuable insights into the varying tax landscape across Roosevelt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Melrose Tax Rate
0.63%
Average Roosevelt County Tax Rate
0.72%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Melrose, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88124 | 0.61% | 0.61% | 0.63% | 0.69% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Melrose, New Mexico
In Melrose, 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 Roosevelt County Assessor's Office 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 Melrose, 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 Melrose helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Melrose is $98,319, with the median tax bill at $680 in zip code 88124.
Average Melrose Assessed Value
$98,319
Average Roosevelt County Assessed Value
$25,631
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Melrose, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88124 | $50,716 | $83,119 | $98,319 | $137,484 | $216,995 |
Source: Ownwell
Property Tax Bills Across Melrose, New Mexico
In Melrose, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the Roosevelt County Assessor's Office. The median home price in Melrose is $98,319. Property tax rates in this area are relatively moderate compared to the national median property tax rate of 0.99%. Homeowners in Melrose can expect their tax bills to vary significantly depending on the assessed value of their property. For instance, tax bills in the 25th percentile are around $505, while those in the 75th percentile reach approximately $850. At the 90th percentile, tax bills can go as high as $1,481. Several factors influence the final tax bill, including the property's market value, any applicable exemptions, and the local tax rate. For homeowners, this means that property taxes can represent a significant portion of their annual expenses, impacting their overall financial planning. The highest and lowest median tax bills in Melrose are both recorded at $680, reflecting the uniformity in tax assessments within the zip code 88124.
Average Melrose Tax Bill
$680
Average Roosevelt County Tax Bill
$181
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Melrose, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88124 | $296 | $505 | $680 | $850 | $1,481 |
Source: Ownwell