Lea County Property Taxes
The median property tax rate in Lea County is 0.89%, which is slightly below the national median of 0.99% but higher than the New Mexico state median of 0.86%. With a median home value of $54,759, the typical annual property tax bill in Lea County is approximately $468, considerably lower than the national median of $2,690. Property taxes in Lea County are determined based on the tax assessed value, which is often less than the actual market value due to various property tax exemptions, such as those for primary residences and agricultural properties. Understanding the specific property tax system in Lea County, exploring available exemptions, and identifying opportunities for property tax reductions can lead to significant annual savings. Whether you reside in Hobbs or another part of Lea County, having a thorough understanding of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lea County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$487
$452
Ownwell’s Lea County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lea County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Lea County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Lea County, New Mexico
Property taxes in Lea County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Lea County is 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within Lea County set these rates annually, and they can vary significantly between different areas within the county. Each year, Lea County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Lea County's effective property tax rate with other areas and the national median. For comparison, the city of Crossroads has one of the higher property tax rates in New Mexico at 1.00%, while the city of Portales boasts one of the lowest at 0.44%. Analyzing how Lea County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Lea County Tax Rate
0.89%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lea County, New Mexico
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Crossroads | 0.40% | 0.74% | 1.00% | 1.00% | 1.33% |
| Eunice | 0.65% | 0.76% | 0.82% | 0.84% | 0.85% |
| Hobbs | 0.70% | 0.77% | 0.89% | 0.91% | 0.93% |
| Jal | 0.58% | 0.74% | 0.76% | 0.79% | 1.00% |
| Lovington | 0.75% | 0.89% | 0.97% | 1.01% | 1.06% |
| Maljamar | 0.89% | 0.89% | 0.89% | 0.89% | 0.89% |
| Mcdonald | 0.67% | 0.76% | 0.87% | 1.00% | 1.00% |
| Monument | 0.75% | 0.76% | 0.77% | 0.78% | 0.79% |
| Portales | 0.44% | 0.44% | 0.44% | 0.44% | 0.44% |
| Tatum | 0.60% | 0.76% | 0.84% | 0.92% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Lea County, New Mexico
Understanding the difference between "market value" and "assessed value" is key to comprehending property taxes in Lea County, NM. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Lea County Appraisal District. The assessed value, however, 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. Assessment notices in Lea County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For instance, the highest median tax bill in the county is in Crossroads at $810, while the lowest is in Portales at $166. Being aware of these valuation processes will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Lea County Assessed Value
$54,759
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lea County, New Mexico
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Crossroads | $30,861 | $57,777 | $81,021 | $311,439 | $311,439 |
| Eunice | $8,142 | $20,852 | $38,642 | $75,195 | $121,576 |
| Hobbs | $7,750 | $22,155 | $62,865 | $139,755 | $229,888 |
| Jal | $8,725 | $18,772 | $34,002 | $58,738 | $112,764 |
| Lovington | $8,300 | $22,956 | $52,239 | $108,886 | $186,596 |
| Maljamar | $36,110 | $36,510 | $37,176 | $37,842 | $38,242 |
| Mcdonald | $9,737 | $27,633 | $51,216 | $495,654 | $495,654 |
| Monument | $8,988 | $14,509 | $42,156 | $94,777 | $133,078 |
| Portales | $37,638 | $37,638 | $37,638 | $37,638 | $37,638 |
| Tatum | $7,012 | $15,742 | $35,416 | $70,741 | $135,299 |
Source: Ownwell
Property Tax Bills Across Lea County, New Mexico
In Lea County, NM, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in the county is $54,759. Tax rates are applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include property location, with significant variations across different areas. For instance, Crossroads has the highest median tax bill at $810, while Portales has the lowest at $166. Homeowners in Lea County can expect their tax bills to fall within a broad range. At the 25th percentile, the tax bill is $176, while it rises to $1,079 at the 75th percentile and reaches $1,872 at the 90th percentile. These variations can significantly impact a homeowner's annual expenses. Compared to the national median property tax rate of 0.99%, Lea County's property taxes offer a diverse landscape, affecting homeowners differently based on their property's assessed value and location.
Average Lea County Tax Bill
$468
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Lea County, New Mexico
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Crossroads | $70 | $240 | $810 | $4,028 | $4,153 |
| Eunice | $59 | $145 | $293 | $604 | $990 |
| Hobbs | $62 | $182 | $518 | $1,159 | $1,968 |
| Jal | $61 | $134 | $250 | $440 | $883 |
| Lovington | $73 | $203 | $490 | $1,062 | $1,825 |
| Maljamar | $321 | $325 | $330 | $336 | $340 |
| Mcdonald | $85 | $242 | $447 | $4,350 | $4,957 |
| Monument | $67 | $110 | $323 | $717 | $906 |
| Portales | $166 | $166 | $166 | $166 | $166 |
| Tatum | $52 | $109 | $271 | $592 | $1,268 |
Source: Ownwell