Pinon, New Mexico Property Taxes
The median property tax rate in Pinon, NM is 0.55%, significantly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Pinon at $96,058, the typical annual property tax bill is approximately $523, well below the national median of $2,690. Property taxes in Pinon 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 Pinon'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 Pinon 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
Pinon, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$528
$490
Ownwell’s Pinon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pinon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pinon 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 Pinon, New Mexico
Property taxes in Pinon, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pinon is 0.55%, lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Pinon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pinon 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 Pinon's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 88344 zip code has the highest median property tax rate of 0.55%, while the same zip code also has the lowest median tax rate of 0.55%. Understanding how these cities compare with Pinon 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 Pinon Tax Rate
0.55%
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 Pinon, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88344 | 0.40% | 0.47% | 0.55% | 0.58% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Pinon, New Mexico
In Pinon, 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 Pinon, 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. The median home price in Pinon is $96,058. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The zip code 88344 has the highest median tax bill at $523. Being aware of these valuation processes in Pinon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Pinon Assessed Value
$96,058
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 Pinon, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88344 | $23,813 | $59,281 | $96,058 | $176,034 | $248,328 |
Source: Ownwell
Property Tax Bills Across Pinon, New Mexico
In Pinon, Chaves County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the county's property tax rate to determine the annual tax bill. For homeowners in Pinon, the median home price stands at $96,058. Property tax bills can vary significantly, with the 25th percentile paying around $331 annually, while those in the 75th percentile face bills of approximately $1,009. The top 10% of homeowners might see tax bills as high as $1,447. These tax bills are influenced by several factors, including the property's assessed value, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Pinon's rates can be relatively moderate, offering some financial relief to homeowners. Understanding these factors can help homeowners anticipate their property tax obligations and plan their finances accordingly.
Average Pinon Tax Bill
$523
Average Chaves County Tax Bill
$601
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Pinon, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88344 | $66 | $331 | $523 | $1,009 | $1,447 |
Source: Ownwell