Fort Bayard, New Mexico Property Taxes
The median property tax rate in Fort Bayard, NM is 0.65%, which is notably lower than the national median of 0.99% and the New Mexico state median of 0.86%. With a median home value of $42,571 in Fort Bayard, the typical annual property tax bill amounts to $277, significantly below the national median of $2,690. Property taxes in Fort Bayard 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 Fort Bayard'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 Fort Bayard 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
Fort Bayard, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$277
Ownwell’s FORT BAYARD Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in FORT BAYARD with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FORT BAYARD 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 Fort Bayard, New Mexico
Property taxes in Fort Bayard, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fort Bayard is 0.65%, lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Fort Bayard set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fort Bayard 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 Fort Bayard's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 88036 zip code has the highest median property tax rate of 0.65%, while the same 88036 zip code also has the lowest median tax rate of 0.65%. Understanding how these cities compare with Fort Bayard 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 Fort Bayard 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 Fort Bayard, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88036 | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Fort Bayard, New Mexico
In Fort Bayard, 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 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 Fort Bayard, 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 highest and lowest median tax bills in Fort Bayard are both $277, found in the 88036 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 Fort Bayard Assessed Value
$42,571
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 Fort Bayard, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88036 | $42,571 | $42,571 | $42,571 | $42,571 | $42,571 |
Source: Ownwell
Property Tax Bills Across Fort Bayard, New Mexico
In Fort Bayard, located in Grant County, NM, property tax bills are determined by a combination of the assessed value of the property and the local tax rate. The assessed value is a percentage of the property's market value, which is established by the county assessor. For homeowners in Fort Bayard, the median home price is $42,571. The property tax rate in this area results in a consistent tax bill of $277, falling within the 25th, 75th, and 90th percentiles. This uniform tax bill indicates a relatively stable property tax environment, providing predictability for homeowners. A tax bill of $277 is significantly lower than the national median property tax rate of 0.99%, making Fort Bayard an attractive location for those looking to minimize their property tax expenses. Understanding these factors can help homeowners better manage their finances and plan for future expenses associated with property ownership in Fort Bayard.
Average Fort Bayard Tax Bill
$277
Average Grant County Tax Bill
$356
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Fort Bayard, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88036 | $277 | $277 | $277 | $277 | $277 |
Source: Ownwell