Mosquero, New Mexico Property Taxes
The median property tax rate in Mosquero, NM is 0.87%, slightly lower than the national median of 0.99% but marginally higher than the New Mexico state median of 0.86%. With the median home value in Mosquero, the typical annual property tax bill amounts to $395, significantly below the national median of $2,690. Property taxes in Mosquero 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 Mosquero'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 Mosquero or another part of Harding County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mosquero, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$570
Ownwell’s Mosquero Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mosquero with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mosquero 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 Mosquero, New Mexico
Property taxes in Mosquero, NM, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mosquero is 0.87%, lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Mosquero set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mosquero 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 Mosquero's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87733 zip code has the highest median property tax rate of 0.87%, while the 87733 zip code also has the lowest median tax rate of 0.87%. Understanding how these cities compare with Mosquero 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 Mosquero Tax Rate
0.87%
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 Mosquero, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87733 | 0.74% | 0.80% | 0.87% | 0.87% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Mosquero, New Mexico
In Mosquero, 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 Harding County Assessor 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 Mosquero, 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. Being aware of these valuation processes in Mosquero helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 87733 has both the highest and lowest median tax bills at $395.
Average Mosquero Assessed Value
$65,511
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 Mosquero, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87733 | $8,766 | $30,092 | $65,511 | $297,351 | $406,158 |
Source: Ownwell
Property Tax Bills Across Mosquero, New Mexico
In Mosquero, located in Harding County, NM, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is typically a percentage of the property's market value, which is determined by the county assessor. Factors such as property size, location, and improvements can influence this assessed value. Homeowners in Mosquero experience a range of tax bills. For instance, the 25th percentile tax bill is around $149, while the 75th percentile reaches $741. At the 90th percentile, homeowners may see tax bills as high as $1,165. The highest median tax bill in the area is $395, which is also the lowest median tax bill, indicating a consistent rate across the region. Compared to the national median property tax rate of 0.99%, Mosquero's property taxes can be considered relatively moderate. These taxes fund essential local services such as schools, infrastructure, and public safety, directly impacting the quality of life for residents.
Average Mosquero Tax Bill
$395
Average Harding County Tax Bill
$705
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Mosquero, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87733 | $68 | $149 | $395 | $741 | $1,165 |
Source: Ownwell