Logan, New Mexico Property Taxes
The median property tax rate in Logan, NM is 0.86%, aligning with the New Mexico state median but notably below the national median of 0.99%. With a median home value of $230,109 in Logan, the typical annual property tax bill amounts to $1,943, which is significantly less than the national median of $2,690. Property taxes in Logan are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Logan'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 Logan or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Logan, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,979
$1,836
Ownwell’s Logan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Logan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Logan 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 Logan, New Mexico
Property taxes in Logan, 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 Logan is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Logan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Logan 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 Logan's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 88426 has both the highest and the lowest median property tax rate of 0.86%. Understanding how these areas compare with Logan provides valuable insights into the varying tax landscape across Harding County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Logan Tax Rate
0.86%
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 Logan, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88426 | 0.70% | 0.84% | 0.86% | 0.87% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Logan, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Logan, 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 local 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 Logan, 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. For instance, the median home price in Logan is $230,109, with tax bills ranging from $775 at the 25th percentile to $2,812 at the 90th percentile. The zip code with the highest and lowest median tax bill is 88426, both at $1,943. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Logan Assessed Value
$230,109
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 Logan, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88426 | $67,922 | $110,381 | $230,109 | $323,550 | $323,637 |
Source: Ownwell
Property Tax Bills Across Logan, New Mexico
In Logan, located in Harding County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value typically represents a percentage of the property's market value. Various factors, including property size, location, and condition, contribute to the assessed value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For instance, with a median home price of $230,109, homeowners might see a wide range in their tax bills. The 25th percentile tax bill is around $775, while the 75th percentile tax bill can reach up to $2,787, and the 90th percentile is slightly higher at $2,812. These property taxes fund essential community services such as schools, infrastructure, and public safety. Homeowners in Logan should be aware of these factors, as they directly influence their annual financial obligations and the overall cost of homeownership in the area. Comparing these figures to the national median property tax rate of 0.99% provides valuable context for understanding local tax burdens.
Average Logan Tax Bill
$1,943
Average Harding County Tax Bill
$705
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Logan, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88426 | $506 | $775 | $1,943 | $2,787 | $2,812 |
Source: Ownwell