Whites City, New Mexico Property Taxes
The median property tax rate in Whites City, NM is 0.72%, which is lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With a median home value of $343,669, the typical annual property tax bill in Whites City amounts to $2,618, just below the national median of $2,690. Property taxes here are calculated based on the assessed value, which often falls below the market value due to exemptions like primary residence and agricultural exemptions. Understanding Whites City'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 Whites City 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
Whites City, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$2,474
$2,296
Ownwell’s Whites City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Whites City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Whites City 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 Whites City, New Mexico
Property taxes in Whites City, 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 Whites City is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Whites City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Whites City 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 Whites City's effective property tax rate to other areas in Eddy County and the national median. For comparison, the zip code 88268 has both the highest and lowest median property tax rate of 0.72%. Understanding how these areas compare with Whites City 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 Whites City Tax Rate
0.72%
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 Whites City, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88268 | 0.69% | 0.70% | 0.72% | 0.74% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Whites City, New Mexico
In Whites City, 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 Whites City, 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. Being aware of these valuation processes in Whites City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Whites City are both $2618, found in the 88268 zip code.
Average Whites City Assessed Value
$343,669
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 Whites City, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88268 | $76,429 | $176,644 | $343,669 | $510,694 | $610,909 |
Source: Ownwell
Property Tax Bills Across Whites City, New Mexico
Property tax bills in Whites City, located in Eddy County, NM, are calculated based on the assessed value of a property, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Factors such as property size, location, and market conditions influence the assessed value. For homeowners in Whites City, the median home price stands at $343,669. Property tax bills can vary significantly, with the 25th percentile at $1,342 and the 75th percentile at $3,894. At the higher end, the 90th percentile tax bill reaches $4,659. These figures provide a snapshot of what homeowners might expect to pay, depending on their property's assessed value and specific characteristics. Compared to the national median property tax rate of 0.99%, the property tax rates in Whites City reflect the local economic conditions and funding requirements for public services. Understanding these factors can help homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Whites City Tax Bill
$2,618
Average Eddy County Tax Bill
$355
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Whites City, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88268 | $576 | $1,342 | $2,618 | $3,894 | $4,659 |
Source: Ownwell