Derry, New Mexico Property Taxes
The median property tax rate in Derry, NM is 1.04%, which is notably higher than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Derry at $26,801, the typical annual property tax bill amounts to $279, which is significantly lower than the national median of $2,690. Property taxes in Derry 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 Derry's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Derry or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Derry, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$279
$259
Ownwell’s Derry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Derry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Derry 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 Derry, New Mexico
Property taxes in Derry, New Mexico, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Derry is 1.04%, higher than both the New Mexico state median of 0.55% and the U.S. national median of 0.99%. Local government entities within Derry set these rates annually, and they can vary significantly across different neighborhoods. Each year, Derry 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 Derry's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87933 zip code has the highest median property tax rate of 1.04%, while the same zip code also has the lowest median tax rate of 1.04%. Understanding how these cities compare with Derry provides valuable insights into the varying tax landscape across Doña Ana County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Derry Tax Rate
1.04%
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 Derry, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87933 | 1.04% | 1.04% | 1.04% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Derry, New Mexico
In Derry, 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 Doña Ana 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 Derry, 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 Derry helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 87933 has both the highest and lowest median tax bill at $279, reflecting the uniformity in tax assessments within the area.
Average Derry Assessed Value
$26,801
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 Derry, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87933 | $26,801 | $26,801 | $26,801 | $26,801 | $26,801 |
Source: Ownwell
Property Tax Bills Across Derry, New Mexico
In Derry, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by the local tax assessor and is a percentage of the market value of your property. For homeowners in Doña Ana County, the property tax rate is applied to the assessed value to determine the tax bill. Several factors influence this calculation, including the size, location, and condition of the property. For instance, a median home price in Derry is $26,801, leading to a median tax bill of approximately $279. This value is consistent across various percentiles, indicating a stable tax environment. Compared to the national median property tax rate of 0.99%, Derry's rate is relatively low, which can be a financial relief for homeowners. Understanding how these factors interplay can help homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Derry Tax Bill
$279
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 Derry, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87933 | $279 | $279 | $279 | $279 | $279 |
Source: Ownwell