Eddy County Property Taxes
The median property tax rate in Eddy County is 0.67%, which is significantly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Eddy County at $48,197, the typical annual property tax bill is approximately $355, far below the national median of $2,690. Property taxes in Eddy County are calculated based on the tax assessed value, which often falls below the actual market value due to various property tax exemptions such as the primary residence and agricultural exemptions. Understanding Eddy County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Carlsbad or another part of Eddy County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Eddy County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.67%
Estimate Property Tax Bill
$323
Ownwell’s Eddy County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Eddy County with just two data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Eddy County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property's assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Eddy County, New Mexico
Property taxes in Eddy County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Eddy County is 0.67%, which is lower than the U.S. national median of 0.99%. Local government entities within Eddy County set these rates annually, and they can vary significantly between different areas within the county. Each year, Eddy County estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Eddy County's effective property tax rate with other counties in New Mexico and the national median. For comparison, the city of Lake Arthur has one of the higher property tax rates in New Mexico at 0.76%, while the city of Loving boasts one of the lowest at 0.47%. Analyzing how Eddy County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Eddy County Tax Rate
0.67%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Eddy County, New Mexico
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Artesia | 0.44% | 0.54% | 0.66% | 0.73% | 0.76% |
| Carlsbad | 0.55% | 0.66% | 0.68% | 0.83% | 0.85% |
| Hope | 0.44% | 0.53% | 0.65% | 0.68% | 0.69% |
| Lake Arthur | 0.55% | 0.73% | 0.76% | 0.76% | 0.77% |
| Lakewood | 0.54% | 0.54% | 0.54% | 0.54% | 0.54% |
| Loco Hills | 0.43% | 0.51% | 0.53% | 0.54% | 0.54% |
| Loving | 0.38% | 0.44% | 0.47% | 0.49% | 0.56% |
| Malaga | 0.62% | 0.66% | 0.67% | 0.68% | 0.70% |
| Whites City | 0.69% | 0.70% | 0.72% | 0.74% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Eddy County, New Mexico
In Eddy County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Eddy County Appraisal District. The assessed value, however, 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 Eddy County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For instance, Whites City has the highest median tax bill at $2,618, while Hope has the lowest at $125. Being aware of these valuation processes in Eddy County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Eddy County Assessed Value
$48,197
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Eddy County, New Mexico
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Artesia | $5,000 | $13,439 | $51,091 | $154,289 | $307,116 |
| Carlsbad | $4,800 | $12,345 | $47,618 | $139,572 | $285,056 |
| Hope | $2,490 | $4,696 | $17,628 | $53,810 | $122,996 |
| Lake Arthur | $24,749 | $66,922 | $188,482 | $277,944 | $350,695 |
| Lakewood | $55,497 | $55,497 | $55,497 | $55,497 | $55,497 |
| Loco Hills | $5,000 | $12,430 | $29,513 | $57,848 | $75,949 |
| Loving | $4,135 | $14,281 | $42,739 | $74,910 | $177,512 |
| Malaga | $18,652 | $33,574 | $98,804 | $160,276 | $323,446 |
| Whites City | $76,429 | $176,644 | $343,669 | $510,694 | $610,909 |
Source: Ownwell
Property Tax Bills Across Eddy County, New Mexico
In Eddy County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as the property's location, size, and condition can influence its assessed value. For instance, the median home price in Eddy County is $48,197, and property tax bills can vary significantly across the region. Homeowners in Eddy County experience a range of tax bills. The 25th percentile tax bill is $101, while the 75th percentile tax bill reaches $1,049. At the higher end, the 90th percentile tax bill can be as much as $2,118. Comparatively, Whites City has the highest median tax bill at $2,618, whereas Hope has the lowest at $125. These variations highlight the impact of property values and local tax rates on homeowners, making it essential for property owners to understand how their tax bills are determined.
Average Eddy County Tax Bill
$355
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Eddy County, New Mexico
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Artesia | $30 | $99 | $363 | $1,136 | $2,257 |
| Carlsbad | $35 | $108 | $381 | $1,086 | $2,112 |
| Hope | $16 | $40 | $125 | $355 | $812 |
| Lake Arthur | $111 | $497 | $1,420 | $2,044 | $2,586 |
| Lakewood | $298 | $298 | $298 | $298 | $298 |
| Loco Hills | $24 | $67 | $139 | $311 | $404 |
| Loving | $21 | $76 | $220 | $394 | $850 |
| Malaga | $123 | $212 | $671 | $1,081 | $2,163 |
| Whites City | $576 | $1,342 | $2,618 | $3,894 | $4,659 |
Source: Ownwell