Grady, New Mexico Property Taxes
The median property tax rate in Grady, NM is 0.82%, which is lower than the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Grady, the typical annual property tax bill amounts to $628, well below the national median of $2,690. Property taxes in Grady 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 Grady'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 Grady 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
Grady, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$515
Ownwell’s Grady Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grady with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grady 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 Grady, New Mexico
Property taxes in Grady, 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 Grady is 0.82%, which is lower than the U.S. national median of 0.99%. Local government entities within Grady set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grady 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 Grady's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 88120 has the highest median property tax rate of 0.82%, while the same zip code also has the lowest median tax rate of 0.82%. Understanding how these areas compare with Grady 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 Grady Tax Rate
0.82%
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 Grady, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88120 | 0.72% | 0.72% | 0.82% | 0.93% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Grady, New Mexico
In Grady, 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 Curry 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. Assessment notices in Grady 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 Grady helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Grady, the median tax bill is $628.00, with both the highest and lowest median tax bills found in zip code 88120.
Average Grady Assessed Value
$62,844
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 Grady, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88120 | $3,524 | $25,358 | $62,844 | $93,191 | $149,599 |
Source: Ownwell
Property Tax Bills Across Grady, New Mexico
In Grady, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value takes into account factors such as the home's market value, location, and any improvements made to the property. Homeowners in Grady experience a range of tax bills, with the 25th percentile paying around $272 and the 75th percentile paying up to $865. For those in the 90th percentile, the tax bill can reach as high as $1,334. These property taxes are crucial for funding local services such as schools, roads, and emergency services, directly impacting the quality of life in the community. Compared to the national median property tax rate of 0.99%, the property taxes in Grady can be considered relatively moderate. Understanding how these taxes are calculated helps homeowners better anticipate their annual expenses and manage their budgets effectively.
Average Grady Tax Bill
$628
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 Grady, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88120 | $172 | $272 | $628 | $865 | $1,334 |
Source: Ownwell