Elida, New Mexico Property Taxes
The median property tax rate in Elida, NM is 0.30%, significantly lower than both the national median of 0.99% and New Mexico's state median of 0.86%. With the median home value in Elida, the typical annual property tax bill amounts to $896, well below the national median of $2,690. Property taxes in Elida 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 Elida'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 Elida or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elida, 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 Elida Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elida with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elida 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 Elida, New Mexico
Property taxes in Elida, 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 Elida is 0.79%, which is significantly higher than the New Mexico state median of 0.55% but still below the U.S. national median of 0.99%. Local government entities within Elida set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elida 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 Elida's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 88101 zip code has the highest median property tax rate of 0.76%, while the 88001 zip code has the lowest median tax rate of 0.55%. Understanding how these cities compare with Elida provides valuable insights into the varying tax landscape across Chaves County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elida Tax Rate
0.30%
Average Chaves County Tax Rate
0.90%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elida, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88116 | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% |
Source: Ownwell
Property Tax Assessment Values Across Elida, New Mexico
In Elida, 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 Chaves 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 Elida, 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 Elida helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both found in zip code 88116, with a value of $896.
Average Elida Assessed Value
$294,058
Average Chaves County Assessed Value
$70,868
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elida, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88116 | $294,058 | $294,058 | $294,058 | $294,058 | $294,058 |
Source: Ownwell
Property Tax Bills Across Elida, New Mexico
In Elida, located in Chaves County, NM, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and is a percentage of the market value of the property. For instance, with a median home price of $294,058, the assessed value is used to calculate the property tax owed. The tax rate in Elida is applied to this assessed value to determine the final tax bill. Homeowners in Elida can expect a median property tax bill of $896, which is significantly lower than the national median property tax rate of 0.99%. This relatively low tax bill can be beneficial for homeowners, as it means lower annual costs associated with property ownership. Factors such as property improvements, neighborhood changes, and local government budgets can influence the assessed value and, consequently, the property tax bill. By understanding these factors, homeowners can better anticipate their annual property tax obligations and plan their finances accordingly.
Average Elida Tax Bill
$896
Average Chaves County Tax Bill
$601
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Elida, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88116 | $896 | $896 | $896 | $896 | $896 |
Source: Ownwell