Barnegat, New Mexico Property Taxes
The median property tax rate in Barnegat, NM is 1.03%, which is higher than the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Barnegat at $536,925, the typical annual property tax bill amounts to $5,535, significantly surpassing the national median of $2,690. Property taxes in Barnegat are determined based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. By understanding Barnegat's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve substantial annual savings. Whether you reside in the heart of Barnegat or another part of the city, gaining insight into the local property tax system can be highly beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Barnegat, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$5,530
Ownwell’s Barnegat Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Barnegat with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Barnegat 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 Barnegat, New Mexico
Property taxes in Barnegat, New Mexico, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Barnegat is 1.03%, which is higher than the U.S. national median of 0.99%. Local government entities within Barnegat set these rates annually, and they can vary significantly across different neighborhoods. Each year, Barnegat 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 Barnegat's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 08005 zip code has the highest median property tax rate of 1.03%, while the same 08005 zip code also has the lowest median tax rate of 1.03%. Understanding how these cities compare with Barnegat provides valuable insights into the varying tax landscape across DoaAna County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Barnegat Tax Rate
1.03%
Average Doaana County Tax Rate
1.02%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Barnegat, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08005 | 1.03% | 1.03% | 1.03% | 1.03% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Barnegat, New Mexico
In Barnegat, 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 DoaAna 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 Barnegat, 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 Barnegat helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 08005 has a median tax bill of $5,535, which is consistent across all measured percentiles.
Average Barnegat Assessed Value
$536,925
Average Doaana County Assessed Value
$120,428
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Barnegat, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08005 | $536,925 | $536,925 | $536,925 | $536,925 | $536,925 |
Source: Ownwell
Property Tax Bills Across Barnegat, New Mexico
In Barnegat, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as the property's size, location, and market conditions are considered during assessment. Homeowners in Barnegat can expect a median property tax bill of $5,535, which is significantly higher than the national median property tax rate of 0.99%. This higher tax bill can impact homeowners by increasing their overall cost of living and affecting their financial planning. For instance, a home with a median price of $536,925 would result in a substantial annual tax burden. However, these taxes contribute to essential public services like schools, infrastructure, and emergency services, which can enhance property values and community well-being. Understanding how property taxes are calculated can help homeowners better anticipate their financial obligations and plan accordingly.
Average Barnegat Tax Bill
$5,535
Average Doaana County Tax Bill
$1,201
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Barnegat, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08005 | $5,535 | $5,535 | $5,535 | $5,535 | $5,535 |
Source: Ownwell