Faywood, New Mexico Property Taxes
The median property tax rate in Faywood, NM is 0.65%, which is considerably lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Faywood being $61,818, the typical annual property tax bill reaches $368, significantly below the national median of $2,690. Property taxes in Faywood are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Faywood'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 Faywood 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
Faywood, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$402
Ownwell’s Faywood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Faywood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Faywood 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 Faywood, New Mexico
Property taxes in Faywood, New Mexico, are essential in funding key local services such as public schools, road maintenance, and emergency services. The median tax rate in Faywood is 0.65%, which is lower than the U.S. national median of 0.99%. Local government entities within Faywood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Faywood 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 Faywood's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 88034 zip code has the highest median property tax rate of 0.65%, while the same zip code also has the lowest median tax rate of 0.65%. Understanding how these cities compare with Faywood provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Faywood Tax Rate
0.65%
Average Grant County Tax Rate
0.60%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Faywood, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88034 | 0.56% | 0.65% | 0.65% | 0.68% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Faywood, New Mexico
In Faywood, 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 Grant 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. In Faywood, 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 Faywood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in Faywood is $368 in the 88034 zip code.
Average Faywood Assessed Value
$61,818
Average Grant County Assessed Value
$54,932
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Faywood, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88034 | $5,934 | $19,951 | $61,818 | $127,050 | $221,612 |
Source: Ownwell
Property Tax Bills Across Faywood, New Mexico
In Faywood, located in Grant County, NM, property tax bills are determined by assessing the market value of a home and applying the local tax rate to that value. The median home price in Faywood is $61,818, which is considerably lower than the national median. The property tax rate is applied to this assessed value to calculate the tax bill. For instance, homeowners in the 25th percentile can expect a tax bill around $116, while those in the 75th percentile might see a bill closer to $801. At the 90th percentile, the tax bill could reach approximately $1,512. Several factors influence the final tax bill, including the home's assessed value, local tax rates, and any applicable exemptions. This system ensures that homeowners contribute a fair share based on their property’s value. For comparison, the highest and lowest median tax bills in the area are both $368, found in the 88034 zip code. Understanding these factors helps homeowners manage their finances and anticipate their annual tax obligations.
Average Faywood Tax Bill
$368
Average Grant County Tax Bill
$356
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Faywood, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88034 | $34 | $116 | $368 | $801 | $1,512 |
Source: Ownwell