Silver City, New Mexico Property Taxes
The median property tax rate in Silver City, NM is 0.57%, significantly lower than both the national median of 0.99% and New Mexico's state median of 0.86%. With the median home value in Silver City at $78,794, the typical annual property tax bill is $445, well below the national median of $2,690. Property taxes in Silver City 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 Silver 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 Silver City or another part of Grant County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Silver City, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$449
$417
Ownwell’s Silver City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Silver City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Silver 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 Silver City, New Mexico
Property taxes in Silver City, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Silver City is 0.57%, lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Silver City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Silver 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 Silver City's effective property tax rate to other regions in New Mexico and the national median. For comparison, the 88022 zip code has the highest median property tax rate of 0.68%, while the 88061 zip code has the lowest median tax rate of 0.57%. Understanding how these areas compare with Silver City 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 Silver City Tax Rate
0.57%
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 Silver City, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88022 | 0.61% | 0.64% | 0.68% | 0.68% | 0.68% |
| 88061 | 0.49% | 0.51% | 0.57% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Silver City, New Mexico
In Silver 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 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 Silver 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. The median home price in Silver City is $78,794. 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 Silver City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $445.00 in the 88061 zip code.
Average Silver City Assessed Value
$78,794
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 Silver City, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88022 | $3,973 | $4,172 | $4,503 | $21,863 | $32,279 |
| 88061 | $4,390 | $11,200 | $78,834 | $167,708 | $257,430 |
Source: Ownwell
Property Tax Bills Across Silver City, New Mexico
In Silver City, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is a percentage of the property's market value, and the tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as the property's location, size, and condition play a significant role in the assessment process. Homeowners in Silver City, located in Grant County, experience varied tax bills. For instance, the 25th percentile tax bill is $64, indicating that a quarter of homeowners pay this amount or less. On the other end, the 90th percentile tax bill reaches $1,403, showing a significant range in tax obligations. The median home price in Silver City is $78,794, which influences the overall tax calculations. Compared to the national median property tax rate of 0.99%, homeowners in Silver City might find their tax rates relatively more manageable, yet the impact on individual finances can vary widely based on the specific property and its assessed value.
Average Silver City Tax Bill
$445
Average Grant County Tax Bill
$356
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Silver City, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88022 | $27 | $28 | $31 | $132 | $193 |
| 88061 | $24 | $64 | $445 | $928 | $1,403 |
Source: Ownwell