Clayton, New Mexico Property Taxes
The median property tax rate in Clayton, NM is 0.90%, slightly lower than the national median of 0.99% yet higher than the New Mexico state median of 0.86%. With a median home value of $244,167 in Clayton, the typical annual property tax bill amounts to $2,191, which is below the national median of $2,690. Property taxes in Clayton are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Clayton'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 Clayton 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
Clayton, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$2,198
$2,039
Ownwell’s Clayton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Clayton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Clayton 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 Clayton, New Mexico
Property taxes in Clayton, 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 Clayton is 0.90%, which is slightly below the U.S. national median of 0.99%. Local government entities within Clayton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Clayton 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 Clayton's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 88415 has both the highest and lowest median property tax rate of 0.90%. Understanding how these cities compare with Clayton provides valuable insights into the varying tax landscape across Union County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Clayton Tax Rate
0.90%
Average Harding County Tax Rate
0.72%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Clayton, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88415 | 0.86% | 0.90% | 0.90% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Clayton, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Clayton, 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 Harding 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 Clayton, 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. For instance, the median home price in Clayton is $244,167. The median tax bill stands at $2,191, which is consistent across various zip codes, including the highest and lowest median tax bills in zip code 88415. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Clayton Assessed Value
$244,167
Average Harding County Assessed Value
$98,475
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Clayton, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88415 | $118,938 | $244,167 | $244,167 | $244,167 | $252,105 |
Source: Ownwell
Property Tax Bills Across Clayton, New Mexico
In Clayton, NM, property tax bills are calculated based on the assessed value of a home. The assessment is a percentage of the property's market value, which is determined by the local tax assessor's office. Factors such as the home's location, size, and condition are considered during the assessment process. Once the assessed value is determined, the local tax rate is applied to calculate the annual property tax bill. For homeowners in Clayton, NM, the median home price is $244,167. Property tax bills in this area are relatively consistent, with the 25th, 75th, and highest median tax bills all being $2,191, and the 90th percentile tax bill slightly higher at $2,310. This consistency suggests a stable property tax environment for homeowners. When compared to the national median property tax rate of 0.99%, Clayton's property tax rate can be seen as competitive, providing an advantage to homeowners looking for predictable and reasonable property tax expenses.
Average Clayton Tax Bill
$2,191
Average Harding County Tax Bill
$705
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Clayton, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88415 | $1,953 | $2,191 | $2,191 | $2,191 | $2,310 |
Source: Ownwell