Tucumcari, New Mexico Property Taxes
The median property tax rate in Tucumcari, NM is 0.78%, 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 Tucumcari at $21,879, the typical annual property tax bill is approximately $171, significantly below the national median of $2,690. Property taxes in Tucumcari 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 Tucumcari's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Tucumcari 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
Tucumcari, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$171
$158
Ownwell’s TUCUMCARI Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in TUCUMCARI with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in TUCUMCARI 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 Tucumcari, New Mexico
Property taxes in Tucumcari, New Mexico, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Tucumcari is 0.78%, which is lower than the U.S. national median of 0.99%. Local government entities within Tucumcari set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tucumcari 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 Tucumcari's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 88401 has both the highest and lowest median property tax rate of 0.78%. Understanding how these cities compare with Tucumcari provides valuable insights into the varying tax landscape across Guadalupe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tucumcari Tax Rate
0.78%
Average Guadalupe County Tax Rate
0.78%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tucumcari, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88401 | 0.78% | 0.78% | 0.78% | 0.78% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Tucumcari, New Mexico
In Tucumcari, 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 Guadalupe 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 Tucumcari, 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 Tucumcari is $21,879, with the median tax bill being $171. 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 Tucumcari helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tucumcari Assessed Value
$21,879
Average Guadalupe County Assessed Value
$22,948
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tucumcari, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88401 | $21,879 | $21,879 | $21,879 | $21,879 | $21,879 |
Source: Ownwell
Property Tax Bills Across Tucumcari, New Mexico
In Tucumcari, located in Guadalupe County, NM, property tax bills are determined based on the assessed value of a home. The assessed value is a percentage of the property's market value, which is then multiplied by the local tax rate. For homeowners in Tucumcari, the median home price stands at $21,879. With a tax rate that results in a consistent median tax bill of $171 across various percentiles, homeowners can expect their property tax obligations to be relatively modest compared to the national median property tax rate of 0.99%. Several factors influence the tax bill, including the property's assessed value and the local tax rate set by the county. These taxes fund essential public services such as schools, emergency services, and infrastructure maintenance. For homeowners, understanding how these factors interplay is crucial for financial planning and ensuring compliance with local tax obligations. Despite the low median tax bill, it is essential for homeowners to stay informed about any changes in tax rates or property assessments that could affect their annual tax responsibilities.
Average Tucumcari Tax Bill
$171
Average Guadalupe County Tax Bill
$178
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Tucumcari, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88401 | $171 | $171 | $171 | $171 | $171 |
Source: Ownwell