Maxwell, New Mexico Property Taxes
The median property tax rate in Maxwell, NM is 0.99%, aligning with the national median of 0.99% but higher than the New Mexico state median of 0.86%. With the median home value in Maxwell, the typical annual property tax bill reaches $347, significantly below the national median of $2,690. Property taxes in Maxwell are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Maxwell'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 Maxwell 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
Maxwell, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$381
$354
Ownwell’s Maxwell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Maxwell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Maxwell 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 Maxwell, New Mexico
Property taxes in Maxwell, New Mexico, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Maxwell is 0.99%, aligning with the U.S. national median of 0.99%. Local government entities within Maxwell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Maxwell 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 Maxwell's effective property tax rate to other areas in New Mexico and the national median. For comparison, the 87728 zip code has the highest median property tax rate of 1.01%, while the 87729 zip code has the lowest median tax rate of 0.78%. Understanding how these cities compare with Maxwell provides valuable insights into the varying tax landscape across Colfax County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Maxwell Tax Rate
0.99%
Average Colfax County Tax Rate
0.76%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Maxwell, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87728 | 0.71% | 0.80% | 1.01% | 1.08% | 1.08% |
| 87729 | 0.44% | 0.71% | 0.78% | 0.86% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Maxwell, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Maxwell, New Mexico. The market value represents 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 Colfax 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 Maxwell, 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 Maxwell is $38,528. The tax bill for the 25th percentile is $119, while for the 75th percentile, it is $617. The highest median tax bill is $348 in zip code 87728, and the lowest is $186 in zip code 87729. 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 Maxwell Assessed Value
$38,528
Average Colfax County Assessed Value
$80,911
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Maxwell, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87728 | $4,357 | $14,324 | $38,745 | $67,534 | $107,080 |
| 87729 | $11,254 | $15,538 | $25,790 | $47,926 | $178,139 |
Source: Ownwell
Property Tax Bills Across Maxwell, New Mexico
In Maxwell, property tax bills are calculated based on the assessed value of the home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. Homeowners in Maxwell, located in Colfax County, can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $119, while it can go up to $906 at the 90th percentile. The median home price in Maxwell is $38,528, which gives an idea of the property values in the area. Factors such as property size, location, and improvements can influence the assessed value, and consequently, the tax bill. The median property tax rate in Maxwell is considerably lower than the national median of 0.99%, making it relatively affordable for homeowners. However, within Colfax County, the highest median tax bill is $348 in the 87728 zip code, while the lowest is $186 in the 87729 zip code, highlighting the variability even within the county.
Average Maxwell Tax Bill
$347
Average Colfax County Tax Bill
$615
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Maxwell, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87728 | $38 | $119 | $348 | $622 | $902 |
| 87729 | $80 | $149 | $186 | $386 | $1,360 |
Source: Ownwell