Road Forks, New Mexico Property Taxes
The median property tax rate in Road Forks, NM is 0.57%, considerably lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Road Forks at $50,637, the typical annual property tax bill is $273, significantly below the national median of $2,690. Property taxes in Road Forks are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Road Forks’ property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Road Forks 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
Road Forks, New Mexico Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,720
Ownwell’s Road Forks Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Road Forks with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Road Forks 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 Road Forks, New Mexico
Property taxes in Road Forks, New Mexico, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Road Forks is 0.57%, which is lower than the U.S. national median of 0.99%. Local government entities within Road Forks set these rates annually, and they can vary significantly across different neighborhoods. Each year, Road Forks 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 Road Forks' effective property tax rate to other counties in New Mexico and the national median. For comparison, the 88045 zip code has the highest median property tax rate of 0.57%, while the 88045 zip code also has the lowest median tax rate of 0.57%. Understanding how these cities compare with Road Forks provides valuable insights into the varying tax landscape across Hidalgo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Road Forks Tax Rate
0.57%
Average Hidalgo County Tax Rate
0.62%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Road Forks, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88045 | 0.50% | 0.53% | 0.57% | 0.62% | 0.64% |
Source: Ownwell
Property Tax Assessment Values Across Road Forks, New Mexico
In ROAD FORKS, 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 Hidalgo 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 ROAD FORKS, 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 ROAD FORKS helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 88045, with a median tax bill of $273.
Average Road Forks Assessed Value
$50,637
Average Hidalgo County Assessed Value
$36,636
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Road Forks, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88045 | $36,422 | $41,752 | $50,637 | $59,522 | $64,852 |
Source: Ownwell
Property Tax Bills Across Road Forks, New Mexico
In Road Forks, NM, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and reflects a percentage of the property's market value. For a median home price of $50,637 in Road Forks, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill is around $245, while the 75th percentile tax bill reaches $300, and the 90th percentile tax bill is $317. These figures illustrate how property taxes can differ even within the same region, depending on various factors such as property value and specific assessment practices. Compared to the national median property tax rate of 0.99%, Road Forks presents a relatively low tax burden for homeowners. Understanding these factors can help homeowners better anticipate their annual property tax obligations and manage their finances accordingly. The property tax system in Road Forks ensures that taxes are proportionate to property values, offering a fair approach to funding local services and infrastructure.
Average Road Forks Tax Bill
$273
Average Hidalgo County Tax Bill
$196
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Road Forks, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88045 | $229 | $245 | $273 | $300 | $317 |
Source: Ownwell