Malaga, New Mexico Property Taxes
The median property tax rate in Malaga, NM is 0.67%, 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 Malaga at $98,804, the typical annual property tax bill is $671, well below the national median of $2,690. Property taxes in Malaga are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Malaga'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 Malaga 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
Malaga, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.67%
Estimate Property Tax Bill
$662
$614
Ownwell’s Malaga Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Malaga with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Malaga 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 Malaga, New Mexico
Property taxes in Malaga, 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 Malaga is 0.67%, which is lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Malaga set these rates annually, and they can vary significantly across different neighborhoods. Each year, Malaga 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 Malaga's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 88263 zip code has the highest median property tax rate of 0.67%, while the same 88263 zip code also has the lowest median tax rate of 0.67%. Understanding how these cities compare with Malaga 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 Malaga Tax Rate
0.67%
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 Malaga, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88263 | 0.62% | 0.66% | 0.67% | 0.68% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Malaga, New Mexico
In Malaga, 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 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 Malaga, 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. The median home price in Malaga stands at $98,804, with tax bills ranging from $212 at the 25th percentile to $2,163 at the 90th percentile. The highest and lowest median tax bills in the area are both found in the 88263 zip code, each at $671. 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 Malaga helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Malaga Assessed Value
$98,804
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 Malaga, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88263 | $18,652 | $33,574 | $98,804 | $160,276 | $323,446 |
Source: Ownwell
Property Tax Bills Across Malaga, New Mexico
In Malaga, located in Eddy County, NM, property tax bills are calculated based on the assessed value of a home and the local tax rate. Homeowners in this area experience a median property tax rate that aligns with national averages. For instance, the median home price in Malaga is $98,804, and property tax bills can range significantly. The 25th percentile tax bill is approximately $212, while the 75th percentile reaches up to $1,081, and the 90th percentile can be as high as $2,163. Several factors influence the tax bill, including the assessed value of the property, which is determined by the county assessor, and the local tax rate. These elements combined dictate the total amount homeowners are required to pay annually. Understanding how these factors interplay is crucial for homeowners, as it directly impacts their annual financial obligations. High property taxes can affect affordability, while lower taxes may provide some financial relief. In Malaga, the highest and lowest median tax bills both stand at $671, highlighting a consistent tax environment within the region.
Average Malaga Tax Bill
$671
Average Eddy County Tax Bill
$355
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Malaga, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88263 | $123 | $212 | $671 | $1,081 | $2,163 |
Source: Ownwell