Hagerman, New Mexico Property Taxes
The median property tax rate in Hagerman, NM is 0.72%, 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 Hagerman at $25,869, the typical annual property tax bill is $173, significantly below the national median of $2,690. Property taxes in Hagerman are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Hagerman'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 Hagerman 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
Hagerman, 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 Hagerman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hagerman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hagerman 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 Hagerman, New Mexico
Property taxes in Hagerman, 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 Hagerman is 0.72%, which is lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Hagerman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hagerman 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 Hagerman's effective property tax rate to other areas in New Mexico and the national median. For comparison, the zip code 88232 has both the highest and the lowest median property tax rate of 0.72%. Understanding how these areas compare with Hagerman 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 Hagerman Tax Rate
0.72%
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 Hagerman, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88232 | 0.50% | 0.50% | 0.72% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Hagerman, New Mexico
In Hagerman, 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 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 Hagerman, 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 Hagerman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Hagerman is $25,869, with the 25th percentile tax bill at $67 and the 75th percentile tax bill at $436. The highest and lowest median tax bills both occur in zip code 88232, at $173.
Average Hagerman Assessed Value
$25,869
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 Hagerman, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88232 | $5,012 | $11,749 | $25,869 | $68,136 | $115,666 |
Source: Ownwell
Property Tax Bills Across Hagerman, New Mexico
Property tax bills in Hagerman, Chaves County, NM, are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value. For homeowners in Hagerman, the median home price is $25,869. Property tax rates are applied to this assessed value to determine the annual tax bill. In Hagerman, the 25th percentile tax bill is $67, while the 75th percentile tax bill is $436, and the 90th percentile tax bill reaches $814. These figures highlight the variability in property tax bills, which can significantly impact homeowners depending on their property's assessed value. The highest and lowest median tax bills in the area are both $173, indicating some level of consistency within certain zones. Compared to the national median property tax rate of 0.99%, Hagerman's property tax rates are relatively modest, which can be beneficial for homeowners looking to manage their annual expenses.
Average Hagerman Tax Bill
$173
Average Chaves County Tax Bill
$601
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Hagerman, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88232 | $25 | $67 | $173 | $436 | $814 |
Source: Ownwell