Texico, New Mexico Property Taxes
The median property tax rate in Texico, NM is 0.69%, which is lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Texico at $71,604, the typical annual property tax bill amounts to $592, significantly below the national median of $2,690. Property taxes in Texico 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 Texico'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 Texico or another part of Curry County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Texico, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$494
$458
Ownwell’s Texico Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Texico with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Texico 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 Texico, New Mexico
Property taxes in Texico, New Mexico, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Texico is 0.69%, which is lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Texico set these rates annually, and they can vary significantly across different neighborhoods. Each year, Texico 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 Texico's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 88135 has both the highest and lowest median property tax rate of 0.69%. Understanding how these cities compare with Texico 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 Texico Tax Rate
0.69%
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 Texico, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88135 | 0.65% | 0.69% | 0.69% | 0.76% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Texico, New Mexico
In Texico, 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 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 Texico, 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. The median home price in Texico is $71,604, with tax bills varying significantly. For instance, the tax bill at the 25th percentile is $204, while at the 75th percentile, it reaches $1,274. The highest median tax bill is recorded in the 88135 zip code, amounting to $592. By being aware of these valuation processes, property owners in Texico can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Texico Assessed Value
$71,604
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 Texico, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88135 | $4,981 | $24,822 | $71,604 | $150,874 | $277,564 |
Source: Ownwell
Property Tax Bills Across Texico, New Mexico
Property tax bills in Texico, Curry County, NM, are calculated based on the assessed value of a property, which is typically a percentage of its market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions or deductions. Texico's property tax rate can vary within the county, but it is essential to note that the national median property tax rate is 0.99%. For homeowners in Texico, the median home price is $71,604. Depending on the assessed value and applicable exemptions, property tax bills can range significantly. At the 25th percentile, tax bills are around $204, while at the 75th percentile, they rise to $1,274, and at the 90th percentile, they can reach up to $2,035. This variation can significantly impact homeowners' financial planning and budgeting, emphasizing the importance of understanding how property taxes are calculated and managed.
Average Texico Tax Bill
$592
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 Texico, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88135 | $33 | $204 | $592 | $1,274 | $2,035 |
Source: Ownwell