Mule Creek, Grant County, New Mexico Property Taxes
The median property tax rate in Mule Creek, NM is 0.52%, 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 Mule Creek at $120,298, the typical annual property tax bill reaches $603, significantly below the national median of $2,690. Property taxes in Mule Creek 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 Mule Creek'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 Mule Creek 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
Mule Creek, Grant County, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.52%
Estimate Property Tax Bill
$626
$580
Ownwell’s Mule Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mule Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mule Creek 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 Mule Creek, Grant County, New Mexico
Property taxes in Mule Creek, 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 Mule Creek is 0.52%, which is lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Mule Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mule Creek 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 Mule Creek's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 88051 has the highest median property tax rate of 0.52%, while the lowest median tax rate is also 0.52%, indicating uniformity in tax rates within this area. Understanding how these cities compare with Mule Creek 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 Mule Creek Tax Rate
0.52%
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 Mule Creek, Grant County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88051 | 0.49% | 0.50% | 0.52% | 0.53% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Mule Creek, Grant County, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Mule Creek, New Mexico. 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 Mule Creek, 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 Mule Creek is $120,298. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Mule Creek's highest median tax bill is $603, found in the 88051 zip code, which is also the lowest median tax bill. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Mule Creek, Grant County, New Mexico
Source: Ownwell
$10,985
$65,642
$120,298
Average Mule Creek Assessed Value
$120,298
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 Mule Creek, Grant County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88051 | $27,782 | $55,612 | $120,298 | $181,346 | $327,750 |
Source: Ownwell
Property Tax Bills Across Mule Creek, Grant County, New Mexico
In Mule Creek, located in Grant County, NM, property tax bills are determined based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value of the property, which is periodically evaluated by the county assessor. Homeowners in Mule Creek experience varying property tax bills, with the 25th percentile paying around $317 and the 75th percentile facing bills up to $937. The highest median tax bill in the area is $603, consistent across zip code 88051. Factors influencing the tax bill include the property’s assessed value, any applicable exemptions, and the local tax rate. These elements combine to create the final tax bill, impacting homeowners by influencing their annual financial obligations. With the national median property tax rate at 0.99%, Mule Creek’s property taxes can be seen as relatively moderate, providing a balanced approach to funding local services while considering the financial burden on residents.
Average Mule Creek Tax Bill
$603
Average Grant County Tax Bill
$356
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Mule Creek, Grant County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88051 | $87 | $317 | $603 | $937 | $1,658 |
Source: Ownwell