Roy, New Mexico Property Taxes
The median property tax rate in Roy, NM is 0.63%, significantly lower than both the national median of 0.99% and New Mexico's state median of 0.86%. With a median home value in Roy of $51,189, the typical annual property tax bill is $349, well below the national median of $2,690. Property taxes in Roy are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Roy'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 Roy 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
Roy, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$322
Ownwell’s ROY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ROY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ROY 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 Roy, New Mexico
Property taxes in Roy, New Mexico, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Roy is 0.63%, lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Roy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Roy 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 Roy's effective property tax rate to other areas in New Mexico and the national median. For comparison, the 87743 zip code has the highest median property tax rate of 0.63%, while the same zip code also has the lowest median tax rate of 0.63%. Understanding how these cities compare with Roy 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 Roy Tax Rate
0.63%
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 Roy, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87743 | 0.51% | 0.61% | 0.63% | 0.65% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Roy, New Mexico
In Roy, 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 Assessment 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 Roy, 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 Roy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Roy are both $349 in the 87743 zip code.
Average Roy Assessed Value
$51,189
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 Roy, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87743 | $5,316 | $16,578 | $51,189 | $115,671 | $318,393 |
Source: Ownwell
Property Tax Bills Across Roy, New Mexico
Property tax bills in Roy, located in Harding County, NM, are determined based on the assessed value of a property and the local tax rate. The assessed value is a percentage of the market value of the home, which in Roy has a median home price of $51,189. The local tax rate is applied to this assessed value to calculate the annual property tax bill. Several factors influence this calculation, including property size, location, and improvements made to the property. For homeowners in Roy, property tax bills can vary significantly. The 25th percentile tax bill is $88, while the 75th percentile tax bill reaches $1,154, and the 90th percentile can be as high as $1,980. Compared to the national median property tax rate of 0.99%, homeowners in Roy experience a wide range of tax bills. Understanding how these factors affect property tax bills can help homeowners plan their finances better and potentially seek appeals or exemptions if they believe their assessed value is inaccurate.
Average Roy Tax Bill
$349
Average Harding County Tax Bill
$705
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Roy, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87743 | $33 | $88 | $349 | $1,154 | $1,980 |
Source: Ownwell