Loving, New Mexico Property Taxes
The median property tax rate in Loving, NM is 0.47%, significantly lower than both the national median of 0.99% and New Mexico's state median of 0.86%. With the median home value in Loving at $42,739, the typical annual property tax bill is $220, far below the national median of $2,690. Property taxes in Loving are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Loving'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 Loving or another part of Eddy County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Loving, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$201
$186
Ownwell’s Loving Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Loving with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Loving 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 Loving, New Mexico
Property taxes in Loving, New Mexico, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Loving is 0.51%, significantly lower than both the New Mexico state median of 0.55% and the U.S. national median of 0.99%. Local government entities within Loving set these rates annually, and they can vary across different neighborhoods. Each year, Loving 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 Loving's effective property tax rate to other counties in New Mexico and the national median. For comparison, the ZIP code 88256 has the highest median property tax rate of 0.51%, while the same ZIP code also has the lowest median tax rate of 0.51%. Understanding how these cities compare with Loving provides valuable insights into the varying tax landscape across Eddy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Loving Tax Rate
0.47%
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 Loving, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88256 | 0.38% | 0.44% | 0.47% | 0.49% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Loving, New Mexico
In Loving, 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 Eddy County Assessor 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 Loving, 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. The median home price here is $42,739, with tax bills ranging from $76 at the 25th percentile to $850 at the 90th percentile. The highest and lowest median tax bill in Loving is $220, found in the 88256 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Loving Assessed Value
$42,739
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 Loving, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88256 | $4,135 | $14,281 | $42,739 | $74,910 | $177,512 |
Source: Ownwell
Property Tax Bills Across Loving, New Mexico
In Loving, 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 property tax rate to determine the annual tax bill. For instance, with a median home price of $42,739, homeowners can expect varying tax bills depending on their property's assessed value and applicable exemptions. The tax bill at the 25th percentile is approximately $76, while at the 75th percentile, it rises to around $394. For those in the 90th percentile, the tax bill can reach up to $850. These figures highlight the range of property tax obligations that homeowners in Loving may face. Compared to the national median property tax rate of 0.99%, the property tax rate in Loving can significantly impact homeowners, particularly those with higher-valued properties. Understanding these factors is crucial for homeowners to budget effectively and potentially seek exemptions to lower their tax burden.
Average Loving Tax Bill
$220
Average Eddy County Tax Bill
$355
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Loving, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88256 | $21 | $76 | $220 | $394 | $850 |
Source: Ownwell