Lemitar, New Mexico Property Taxes
The median property tax rate in Lemitar, NM is 0.89%, slightly lower than the national median of 0.99%, but higher than the New Mexico state median of 0.86%. With the median home value in Lemitar, the typical annual property tax bill is $71, significantly below the national median of $2,690. Property taxes in Lemitar are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lemitar'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 Lemitar or another part of Socorro County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lemitar, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$66
Ownwell’s Lemitar Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lemitar with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lemitar 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 Socorro County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lemitar, New Mexico
Property taxes in Lemitar, New Mexico, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lemitar is 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within Lemitar set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lemitar 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 Lemitar's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87823 zip code has both the highest and lowest median property tax rate of 0.89%. Understanding how these cities compare with Lemitar provides valuable insights into the varying tax landscape across Socorro County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lemitar Tax Rate
0.89%
Average Socorro County Tax Rate
0.98%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lemitar, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87823 | 0.89% | 0.89% | 0.89% | 0.89% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Lemitar, New Mexico
In Lemitar, 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 Socorro 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 Lemitar, 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 Lemitar helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price is $7,464, with tax bills ranging from $24 at the 25th percentile to $357 at the 90th percentile.
Average Lemitar Assessed Value
$7,464
Average Socorro County Assessed Value
$10,114
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lemitar, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87823 | $2,011 | $2,682 | $7,464 | $18,622 | $39,326 |
Source: Ownwell
Property Tax Bills Across Lemitar, New Mexico
In Lemitar, located in Socorro County, NM, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the county assessor's office and reflects a percentage of the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including property size, location, and any improvements or renovations made. Homeowners in Lemitar can expect a range of property tax bills, with the 25th percentile at $24 and the 75th percentile at $178, while the 90th percentile reaches up to $357. These property taxes fund essential public services such as schools, roads, and emergency services. For homeowners, understanding these factors and how they affect the tax bill is crucial for financial planning. Compared to the national median property tax rate of 0.99%, Lemitar's property taxes can be relatively manageable, offering a favorable environment for property ownership.
Average Lemitar Tax Bill
$71
Average Socorro County Tax Bill
$102
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Lemitar, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87823 | $18 | $24 | $71 | $178 | $357 |
Source: Ownwell