Springer, New Mexico Property Taxes
The median property tax rate in Springer, NM is 1.03%, slightly higher than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Springer, the typical annual property tax bill is $411, which is significantly lower than the national median of $2,690. Property taxes in Springer are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Springer'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 Springer 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
Springer, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$465
Ownwell’s Springer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Springer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Springer 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 Springer, New Mexico
Property taxes in Springer, 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 Springer is 1.03%, higher than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Springer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Springer 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 Springer's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87747 zip code has the highest median property tax rate of 1.03%, while the 87740 zip code has the lowest median tax rate of 0.86%. Understanding how these cities compare with Springer 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 Springer Tax Rate
1.03%
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 Springer, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87740 | 0.86% | 0.86% | 0.86% | 0.86% | 0.86% |
| 87747 | 0.68% | 0.82% | 1.03% | 1.03% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Springer, New Mexico
In Springer, 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 Colfax County Assessor's Office 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 Springer, 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 Springer helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Springer is $45,138, with median tax bills ranging from $198 at the 25th percentile to $915 at the 90th percentile. The highest and lowest median tax bills are both $411, found in the 87747 zip code.
Average Springer Assessed Value
$45,138
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 Springer, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87740 | $9,707 | $9,707 | $9,707 | $9,707 | $9,707 |
| 87747 | $8,281 | $24,566 | $45,144 | $66,974 | $92,870 |
Source: Ownwell
Property Tax Bills Across Springer, New Mexico
In Springer, located in Colfax 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. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Springer, the median home price is $45,138, which results in a range of tax bills. For example, at the 25th percentile, homeowners might pay around $198 annually, while those at the 75th percentile could see tax bills closer to $620. At the higher end, the 90th percentile, the tax bill can reach approximately $915. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life. Homeowners must stay informed about their property's assessed value and any changes in local tax rates to manage their finances effectively.
Average Springer Tax Bill
$411
Average Colfax County Tax Bill
$615
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Springer, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87740 | $84 | $84 | $84 | $84 | $84 |
| 87747 | $47 | $199 | $411 | $620 | $915 |
Source: Ownwell