Fort Sumner, New Mexico Property Taxes
The median property tax rate in Fort Sumner, NM is 0.78%, which is lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With a median home value in Fort Sumner of $35,298, the typical annual property tax bill is $295, significantly below the national median of $2,690. Property taxes in Fort Sumner are calculated based on the assessed value, often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Fort Sumner'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 Fort Sumner 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
Fort Sumner, 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 FORT SUMNER Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in FORT SUMNER with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FORT SUMNER 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 Fort Sumner, New Mexico
Property taxes in Fort Sumner, 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 Fort Sumner is 0.78%, lower than the U.S. national median of 0.99%. Local government entities within Fort Sumner set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fort Sumner 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 Fort Sumner's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 88119 has both the highest and lowest median property tax rate of 0.78%. Understanding how these cities compare with Fort Sumner provides valuable insights into the varying tax landscape across De Baca County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fort Sumner Tax Rate
0.78%
Average De Baca County Tax Rate
0.78%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fort Sumner, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88119 | 0.67% | 0.77% | 0.78% | 0.84% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Fort Sumner, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Fort Sumner, New Mexico. 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 De Baca 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 Fort Sumner, 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. The median home price in Fort Sumner is $35,298, with annual tax bills ranging from $130 at the 25th percentile to $1,256 at the 90th percentile. Notably, the highest and lowest median tax bills are both $295 in the 88119 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fort Sumner Assessed Value
$35,298
Average De Baca County Assessed Value
$35,902
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fort Sumner, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88119 | $5,573 | $16,688 | $35,298 | $69,134 | $119,069 |
Source: Ownwell
Property Tax Bills Across Fort Sumner, New Mexico
In Fort Sumner, De Baca County, NM, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The median home price in this area is $35,298. Property taxes are then calculated by applying the local tax rate to this assessed value. Various factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. For homeowners, this means the amount they owe can vary significantly. For instance, the 25th percentile tax bill is around $130, while the 75th percentile tax bill is $619. At the higher end, the 90th percentile tax bill reaches $1,256. These variations highlight the impact of different assessed values and local tax rates on homeowners' financial responsibilities. Compared to the national median property tax rate of 0.99%, Fort Sumner's tax rates can be considered relatively moderate, which can be a financial relief for local homeowners.
Average Fort Sumner Tax Bill
$295
Average De Baca County Tax Bill
$297
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Fort Sumner, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88119 | $46 | $130 | $295 | $619 | $1,256 |
Source: Ownwell