Hurley, New Mexico Property Taxes
The median property tax rate in Hurley, NM is 0.80%, which is lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Hurley, the typical annual property tax bill is $330, significantly below the national median of $2,690. Property taxes in Hurley are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hurley’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 Hurley 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
Hurley, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$363
Ownwell’s Hurley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hurley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hurley 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 Hurley, New Mexico
Property taxes in Hurley, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hurley is 0.80%, lower than the U.S. national median of 0.99%. Local government entities within Hurley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hurley 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 Hurley's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 88043 zip code has the highest median property tax rate of 0.80%, while the 88043 zip code has the lowest median tax rate of 0.80%. Understanding how these cities compare with Hurley 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 Hurley Tax Rate
0.80%
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 Hurley, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88043 | 0.59% | 0.65% | 0.80% | 0.80% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Hurley, New Mexico
In Hurley, 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 Hurley, 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 Hurley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Hurley is $45,365, with tax bills ranging from $102 at the 25th percentile to $731 at the 90th percentile. Notably, the zip code 88043 has both the highest and lowest median tax bill at $330.
Average Hurley Assessed Value
$45,365
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 Hurley, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88043 | $5,000 | $13,787 | $45,365 | $71,798 | $94,991 |
Source: Ownwell
Property Tax Bills Across Hurley, New Mexico
In Hurley, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. For homeowners in Hurley, the median home price is $45,365. Property tax rates in Hurley are influenced by the local government's budgetary needs and the total assessed value of all properties within Grant County. Tax bills can vary significantly; for instance, the 25th percentile tax bill is $102, while the 75th percentile tax bill is $547, and the 90th percentile tax bill reaches $731. The highest median tax bill in the area is $330, which is relatively low compared to the national median property tax rate of 0.99%. These factors combined mean that homeowners in Hurley generally face lower property tax bills, which can be beneficial for those looking to manage their housing costs effectively.
Average Hurley Tax Bill
$330
Average Grant County Tax Bill
$356
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Hurley, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88043 | $37 | $102 | $330 | $547 | $731 |
Source: Ownwell