El Paso, New Mexico Property Taxes
The median property tax rate in El Paso, NM is 1.02%, slightly higher than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in El Paso at $342,508, the typical annual property tax bill reaches $3,491, surpassing the national median of $2,690. Property taxes in El Paso 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 El Paso'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 El Paso 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
El Paso, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$3,494
Ownwell’s El Paso Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in El Paso with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in El Paso to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities and plan accordingly. For those interested in more detailed insights, you can find trends on a neighborhood level by scrolling down. Your property’s assessed value, determined by the county, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across El Paso, New Mexico
Property taxes in El Paso, New Mexico, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in El Paso is 1.02%, higher than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within El Paso set these rates annually, and they can vary significantly across different neighborhoods. Each year, El Paso 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 El Paso's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 79932 zip code has the highest median property tax rate of 1.02%, while the 79922 zip code has the lowest median tax rate of 1.02%. Understanding how these cities compare with El Paso 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 El Paso Tax Rate
1.02%
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 El Paso, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79922 | 1.02% | 1.02% | 1.02% | 1.02% | 1.24% |
| 79932 | 0.99% | 1.00% | 1.02% | 1.02% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across El Paso, New Mexico
In El Paso, 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 El Paso, 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. For example, the tax bill for the 25th percentile is $1,650, while the 75th percentile reaches $4,803. Notably, the highest median tax bill is $3,879 in zip code 79922, and the lowest median tax bill is $3,103 in zip code 79932. 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 El Paso helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average El Paso Assessed Value
$342,508
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 El Paso, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79922 | $50,220 | $97,691 | $380,642 | $385,152 | $713,753 |
| 79932 | $212,278 | $246,814 | $304,375 | $517,028 | $644,620 |
Source: Ownwell
Property Tax Bills Across El Paso, New Mexico
In El Paso, located in Doña Ana County, NM, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The tax rate is applied to this assessed value to determine the annual tax bill. For instance, if a home is assessed at $342,508, the tax bill will vary depending on the specific tax rate set by local authorities. Several factors influence the final tax bill, including the property's location, its assessed value, and the applicable tax rate. In El Paso, the 25th percentile tax bill is $1,650, while the 75th percentile reaches $4,803. The 90th percentile tax bill can soar to $8,039, indicating a significant range based on property values and tax rates within the area. Homeowners in El Paso may find their property tax bills higher or lower than the national median property tax rate of 0.99%, depending on their property's assessed value and the specific tax rates applied. This variability can significantly impact household budgeting and financial planning.
Average El Paso Tax Bill
$3,491
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 El Paso, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79922 | $553 | $996 | $3,879 | $3,925 | $7,237 |
| 79932 | $2,115 | $2,485 | $3,103 | $5,270 | $6,570 |
Source: Ownwell