Floyd, New Mexico Property Taxes
The median property tax rate in Floyd, NM, is 0.58%, 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 Floyd, the typical annual property tax bill is $626, which is well below the national median of $2,690. Property taxes in Floyd are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Floyd'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 Floyd or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Floyd, 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 Floyd Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Floyd with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Floyd 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 Floyd, New Mexico
Property taxes in Floyd, New Mexico, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Floyd is 0.58%, which is lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Floyd set these rates annually, and they can vary significantly across different neighborhoods. Each year, Floyd 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. Understanding how these cities compare with Floyd provides valuable insights into the varying tax landscape across Curry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Floyd Tax Rate
0.58%
Average Curry County Tax Rate
0.85%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Floyd, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88118 | 0.56% | 0.57% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Floyd, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Floyd, 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 Curry 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 Floyd, 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills both stand at $626 in the zip code 88118, reflecting the uniformity in property tax assessments within the area.
Average Floyd Assessed Value
$107,187
Average Curry County Assessed Value
$106,130
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Floyd, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88118 | $90,826 | $96,962 | $107,187 | $110,116 | $111,874 |
Source: Ownwell
Property Tax Bills Across Floyd, New Mexico
In Floyd, Curry County, NM, property tax bills are determined by assessing the property's market value and applying the local tax rate. The median home price in Floyd is $107,187. The assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For example, homeowners in Floyd can expect to pay a median property tax bill of around $626, which is significantly lower than the national median property tax rate of 0.99%. Factors such as property size, location, and improvements can influence the assessed value, thus affecting the overall tax bill. Homeowners in the 25th percentile pay approximately $566, while those in the 75th and 90th percentiles pay around $627 and $628, respectively. These property tax bills are relatively consistent across the area, with the highest and lowest median tax bills both being $626 in the zip code 88118. Lower property tax rates in Floyd make it an attractive location for homeowners seeking affordability.
Average Floyd Tax Bill
$626
Average Curry County Tax Bill
$1,019
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Floyd, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88118 | $531 | $566 | $626 | $627 | $628 |
Source: Ownwell