Roswell, New Mexico Property Taxes
The median property tax rate in Roswell, NM is 0.93%, 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 Roswell at $77,715, the typical annual property tax bill amounts to $674, significantly below the national median of $2,690. Property taxes in Roswell are calculated based on the tax assessed value, which is often less than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Roswell'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 Roswell 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
Roswell, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$723
Ownwell’s Roswell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Roswell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Roswell 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 Roswell, New Mexico
Property taxes in Roswell, 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 Roswell is 0.93%, which is slightly below the U.S. national median of 0.99%. Local government entities within Roswell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Roswell 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 Roswell's effective property tax rate to other areas in New Mexico and the national median. For comparison, the 88203 zip code has the highest median property tax rate of 0.93%, while the 88201 zip code has the lowest median tax rate of 0.93%. Understanding how these areas compare with Roswell 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 Roswell Tax Rate
0.93%
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 Roswell, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88201 | 0.60% | 0.74% | 0.93% | 0.93% | 0.93% |
| 88203 | 0.60% | 0.77% | 0.93% | 0.93% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Roswell, New Mexico
In Roswell, 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. Assessment notices in Roswell 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. For example, in Roswell, the highest median tax bill is $1081 in zip code 88201, while the lowest is $532 in zip code 88203. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Roswell Assessed Value
$77,715
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 Roswell, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88201 | $18,364 | $52,449 | $124,668 | $202,572 | $291,482 |
| 88203 | $10,373 | $34,181 | $61,172 | $94,416 | $136,259 |
Source: Ownwell
Property Tax Bills Across Roswell, New Mexico
In Roswell, Chaves County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the market value, reflecting the property's worth in the current real estate market. Homeowners in Roswell see a range of property tax bills, with the 25th percentile at $338 and the 75th percentile reaching $1,261. The highest median tax bill in the area is $1,081, found in zip code 88201, while the lowest is $532 in zip code 88203. These variations depend on factors such as property size, location, and market conditions. Compared to the national median property tax rate of 0.99%, Roswell's property tax rates can significantly impact homeowners, influencing their annual financial planning. Understanding these factors can help homeowners anticipate their tax obligations and manage their budgets more effectively.
Average Roswell Tax Bill
$674
Average Chaves County Tax Bill
$601
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Roswell, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88201 | $121 | $435 | $1,081 | $1,765 | $2,494 |
| 88203 | $67 | $284 | $532 | $840 | $1,205 |
Source: Ownwell