Melrose, New Mexico Property Taxes
The median property tax rate in Melrose, NM is 0.65%, considerably lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Melrose at $33,462, the typical annual property tax bill reaches $261, well below the national median of $2,690. Property taxes in Melrose are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Melrose'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 Melrose 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
Melrose, 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 Melrose Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Melrose with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Melrose 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 Melrose, New Mexico
Property taxes in Melrose, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Melrose is 0.65%, which is lower than the U.S. national median of 0.99%. Local government entities within Melrose set these rates annually, and they can vary significantly across different neighborhoods. Each year, Melrose 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 Melrose's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 88124 zip code has both the highest and the lowest median property tax rate of 0.65%. Understanding how these cities compare with Melrose 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 Melrose Tax Rate
0.65%
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 Melrose, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88124 | 0.56% | 0.58% | 0.65% | 0.65% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Melrose, New Mexico
In Melrose, 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 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 Melrose, 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 Melrose helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Melrose, the median home price is $33,462. The median tax bill ranges from $139 at the 25th percentile to $1,273 at the 90th percentile. The highest and lowest median tax bills are both $261, found in the zip code 88124.
Average Melrose Assessed Value
$33,462
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 Melrose, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88124 | $4,181 | $16,580 | $33,462 | $92,596 | $171,244 |
Source: Ownwell
Property Tax Bills Across Melrose, New Mexico
In Melrose, Curry County, NM, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The median home price in Melrose is $33,462, which is significantly lower than the national median. Property taxes here are relatively modest, with the 25th percentile tax bill at $139 and the 75th percentile reaching $868. Several factors influence the final tax bill, including the assessed value of the property, which is determined by the local tax assessor. Homeowners in Melrose can expect their property tax bills to vary based on the specific valuation of their homes and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Melrose's tax rates result in lower overall tax bills. For instance, even at the higher end, the 90th percentile tax bill is $1,273, making it an affordable location for homeowners. This relatively low tax burden can be attractive for those looking to manage their living expenses effectively.
Average Melrose Tax Bill
$261
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 Melrose, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88124 | $33 | $139 | $261 | $868 | $1,273 |
Source: Ownwell