Virden, New Mexico Property Taxes
The median property tax rate in Virden, NM is 0.63%, which is significantly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With a median home value of $49,377 in Virden, the typical annual property tax bill amounts to $355, far below the national median of $2,690. Property taxes in Virden are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural land. Understanding Virden's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Virden or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Virden, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$311
$289
Ownwell’s Virden Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Virden with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Virden 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 Virden, New Mexico
Property taxes in Virden, 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 Virden is 0.63%, significantly lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Virden set these rates annually, and they can vary significantly across different neighborhoods. Each year, Virden 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 Virden's effective property tax rate to other areas in New Mexico and the national median. For comparison, the zip code 88045 has the same median property tax rate of 0.63%, illustrating the consistency within the region. Understanding how these areas compare with Virden 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 Virden Tax Rate
0.63%
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 Virden, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88045 | 0.42% | 0.56% | 0.63% | 0.69% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Virden, New Mexico
In Virden, 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 Virden, 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. The median home price in Virden is $49,377, with tax bills ranging from $130 at the 25th percentile to $789 at the 90th percentile. The zip code 88045 has the highest and lowest median tax bill, both at $355. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Virden Assessed Value
$49,377
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 Virden, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88045 | $8,399 | $21,014 | $49,377 | $85,940 | $150,080 |
Source: Ownwell
Property Tax Bills Across Virden, New Mexico
In Virden, located in Hidalgo County, 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 market value of the property. Factors such as home improvements, location, and market conditions can influence this assessed value. For homeowners in Virden, the property tax bill can vary significantly. The 25th percentile tax bill is $130, while the 75th percentile tax bill reaches $516. At the 90th percentile, homeowners might see a tax bill as high as $789. The median home price in Virden is $49,377, which means that even slight changes in the assessed value can have a noticeable impact on the tax bill. Compared to the national median property tax rate of 0.99%, Virden's property taxes can be considered relatively moderate. However, the exact amount each homeowner pays will depend on the specific assessed value of their property and the applicable tax rate.
Average Virden Tax Bill
$355
Average Hidalgo County Tax Bill
$196
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Virden, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88045 | $45 | $130 | $355 | $516 | $789 |
Source: Ownwell