Moriarty, New Mexico Property Taxes
The median property tax rate in Moriarty, NM is 0.80%, which is lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Moriarty at $23,261, the typical annual property tax bill amounts to $236, significantly below the national median of $2,690. Property taxes in Moriarty 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 Moriarty'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 Moriarty 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
Moriarty, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$186
Ownwell’s Moriarty Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Moriarty with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Moriarty 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 Moriarty, New Mexico
Property taxes in Moriarty, New Mexico, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Moriarty is 0.80%, which is lower than the U.S. national median of 0.99%. Local government entities within Moriarty set these rates annually, and they can vary significantly across different neighborhoods. Each year, Moriarty 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 Moriarty's effective property tax rate to other areas in Torrance County and the national median. For comparison, the zip code 87035 has both the highest and the lowest median property tax rate of 0.80%. Understanding how these areas compare with Moriarty provides valuable insights into the varying tax landscape across Torrance County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Moriarty Tax Rate
0.80%
Average Torrance County Tax Rate
0.80%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Moriarty, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87035 | 0.65% | 0.80% | 0.80% | 0.87% | 2.61% |
Source: Ownwell
Property Tax Assessment Values Across Moriarty, New Mexico
In Moriarty, 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 Torrance 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 Moriarty, 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. With a median home price of $23,261, property tax bills can vary significantly. For example, the 25th percentile tax bill is $82, while the 75th percentile tax bill is $682. The highest median tax bill is $236 in the 87035 zip code, which also has the lowest median tax bill at the same amount. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Moriarty Assessed Value
$23,261
Average Torrance County Assessed Value
$24,245
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Moriarty, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87035 | $4,563 | $9,034 | $23,261 | $69,938 | $120,150 |
Source: Ownwell
Property Tax Bills Across Moriarty, New Mexico
In Moriarty, Torrance County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value, and this percentage can vary depending on local regulations. To determine the tax bill, the assessed value is multiplied by the local property tax rate. For example, if the median home price is $23,261, and the local tax rate is applied, homeowners can expect varying tax bills. The 25th percentile tax bill is approximately $82, while the 75th percentile tax bill reaches around $682. At the 90th percentile, the tax bill can be as high as $1,219. These figures highlight the range of property tax bills homeowners might encounter. Factors such as property improvements, neighborhood developments, and changes in market conditions can influence the assessed value and, consequently, the tax bill. Compared to the national median property tax rate of 0.99%, Moriarty's rates and resulting tax bills provide a unique perspective for local homeowners.
Average Moriarty Tax Bill
$236
Average Torrance County Tax Bill
$232
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Moriarty, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87035 | $36 | $82 | $236 | $682 | $1,219 |
Source: Ownwell