Portales, New Mexico Property Taxes
The median property tax rate in Portales, NM is 0.73%, which is notably lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With a median home value in Portales of $21,386, the typical annual property tax bill is $158, significantly below the national median of $2,690. Property taxes in Portales are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Portales'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 Portales or another part of Roosevelt County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Portales, 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 Portales Property Tax Bill Calculator assists homeowners, real estate investors, or potential buyers in estimating their annual property taxes in Portales with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Portales 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 Portales, New Mexico
Property taxes in Portales, New Mexico, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Portales is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Portales set these rates annually, and they can vary significantly across different neighborhoods. Each year, Portales 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 Portales' effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 88130 has the median property tax rate of 0.73%. Understanding how these cities compare with Portales 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 Portales Tax Rate
0.73%
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 Portales, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88130 | 0.72% | 0.72% | 0.73% | 0.86% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Portales, New Mexico
In Portales, 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 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 Portales, 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 Portales helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 88130 has the highest and lowest median tax bills, both at $158, offering a unique insight into the property tax landscape of the area.
Average Portales Assessed Value
$21,386
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 Portales, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88130 | $1,062 | $3,879 | $21,386 | $75,486 | $131,195 |
Source: Ownwell
Property Tax Bills Across Portales, New Mexico
In Portales, property tax bills are calculated based on the assessed value of a home, which is determined by the Roosevelt County Assessor's Office. The assessed value is a percentage of the property's market value. For homeowners in Portales, the median home price is $21,386, and property tax rates are applied to this assessed value to determine the final tax bill. Factors such as property size, location, and any improvements made to the property can influence the assessed value. The property tax rate in Portales is designed to fund essential local services, including schools, public safety, and infrastructure. Homeowners can expect tax bills to vary significantly, with the 25th percentile tax bill at $29 and the 75th percentile tax bill reaching $622. At the 90th percentile, tax bills can go up to $1,034. The highest median tax bill recorded in Portales is $158, which is significantly lower than the national median property tax rate of 0.99%. This relatively low tax burden can make homeownership more affordable for residents.
Average Portales Tax Bill
$158
Average Roosevelt County Tax Bill
$181
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Portales, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88130 | $8 | $29 | $158 | $622 | $1,034 |
Source: Ownwell