Garfield, New Mexico Property Taxes
The median property tax rate in Garfield, New Mexico is 0.92%, slightly lower than the national median of 0.99% but higher than the New Mexico state median of 0.86%. With a median home value of $40,194 in Garfield, the typical annual property tax bill amounts to $362, which is significantly below the national median of $2,690. Property taxes in Garfield 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 Garfield'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 Garfield 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
Garfield, 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 Garfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Garfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Garfield 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 Garfield, New Mexico
Property taxes in Garfield, New Mexico, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Garfield is 0.71%, which is lower than both the New Mexico state median of 0.74% and the U.S. national median of 0.99%. Local government entities within Garfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Garfield 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 Garfield's effective property tax rate to other counties in New Mexico and the national median. For comparison, the highest median property tax rate in the region is found in zip code 87936, with a rate of 0.92%, while the lowest median tax rate is also in zip code 87936, at 0.92%. Understanding how these areas compare with Garfield 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 Garfield Tax Rate
0.92%
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 Garfield, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87936 | 0.71% | 0.85% | 0.92% | 0.94% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Garfield, New Mexico
In Garfield, 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 Assessor's Office 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. Assessment notices in Garfield 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 Garfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 87936 has both the highest and lowest median tax bill at $362.
Average Garfield Assessed Value
$40,194
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 Garfield, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87936 | $8,864 | $17,136 | $40,194 | $79,494 | $162,127 |
Source: Ownwell
Property Tax Bills Across Garfield, New Mexico
In Garfield, located in Doña Ana County, NM, property tax bills are calculated based on the assessed value of a home. The median home price in Garfield is $40,194. Property taxes are determined by multiplying the assessed value by the local tax rate. This rate considers various factors, including property location, market conditions, and improvements made to the property. For homeowners in Garfield, the property tax bill varies significantly. The tax bill at the 25th percentile is $160, while at the 75th percentile, it rises to $754, and at the 90th percentile, it can reach up to $1,516. Comparatively, the national median property tax rate is 0.99%, providing a benchmark for understanding local tax burdens. These property taxes fund essential community services such as schools, public safety, and infrastructure. Understanding how these taxes are calculated can help homeowners budget more effectively and appeal for adjustments if they believe their property has been over-assessed.
Average Garfield Tax Bill
$362
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 Garfield, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87936 | $78 | $160 | $362 | $754 | $1,516 |
Source: Ownwell