Lea County, New Mexico Property Taxes
Median Lea County effective property tax rate: 0.89%, significantly lower than the national median of 1.02%.
Median Lea County home value: $54,759
Median annual Lea County tax bill: $468, $1,932 lower than the national median property tax bill of $2,400.
How are property taxes in Lea County calculated?
Property taxes in Lea County are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding your county's property tax system, exemptions, and reduction opportunities can lead to significant savings. Whether you live in Hobbs or another part of Lea County, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Lea County, New Mexico Property Tax Bill Calculator
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Median Effective Tax Rate
0.89%
Estimate Property Tax Bill
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Property Tax Rates Across Lea County, New Mexico
Local government entities set tax rates, which can vary widely within a state. This variation is because each county annually estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
Comparing Lea County's effective property tax rate to other counties in New Mexico or the U.S. median property tax rate reveals interesting insights. Lea County has a median property tax rate of 0.89%, which is below the national median of 1.02%. Within New Mexico, the highest median tax rate is found in Crossroads at 1.00%, while Jal boasts the lowest at 0.76%. This highlights the diversity in property tax rates across different regions, influenced by local budgetary needs and property values. Understanding these variations can help property owners make informed decisions about property tax appeals and exemptions, ensuring they are not overpaying based on their property's assessed value.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Lea County Tax Rate
0.89%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective New Mexico Tax Rate
0.86%
Median Effective United States Tax Rate
1.02%
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% |
| Mcdonald | 0.67% | 0.76% | 0.87% | 1.00% | 1.00% |
| Monument | 0.75% | 0.76% | 0.77% | 0.78% | 0.79% |
| Tatum | 0.60% | 0.76% | 0.84% | 0.92% | 1.04% |
| Maljamar | N/A | N/A | N/A | N/A | N/A |
| Portales | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Lea County, New Mexico
When examining property taxes in Lea County, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Lea County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Lea County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Lea County.
For example, the median tax bill in Lea County is $810, with tax bills ranging significantly across the county. Crossroads has the highest median home price at $81,021.
Median Lea County Market Value
$54,759
Median New Mexico Market Value
$121,540
Median United States Market Value
$235,294
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 |
| Mcdonald | $9,737 | $27,633 | $51,216 | $495,654 | $495,654 |
| Monument | $8,988 | $14,509 | $42,156 | $94,777 | $133,078 |
| Tatum | $7,012 | $15,742 | $35,416 | $70,741 | $135,299 |
| Maljamar | N/A | N/A | N/A | N/A | N/A |
| Portales | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Lea County, New Mexico
In Lea County, NM, property tax bills are determined by assessing the property's market value and applying the local tax rate. The process begins with the county assessor evaluating the market value of each property. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence this assessment, including the property's size, location, and condition.
Homeowners in Lea County experience varying tax bills, with the 25th percentile at $176 and the 75th percentile reaching $1,079. The 90th percentile tax bill climbs to $1,872, indicating a range of tax obligations based on property values. Comparatively, the national median property tax bill is $2,400, highlighting a generally lower tax burden in Lea County.
Homeowners in Crossroads face the highest median tax bill at $810, while Jal residents pay the lowest at $250. These tax bills impact homeowners by influencing monthly housing costs and potentially affecting property values. Understanding these factors helps homeowners anticipate financial obligations and plan accordingly.
Median Lea County Tax Bill
$468
Median New Mexico Tax Bill
$1,192
Median United States Tax Bill
$2,400
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 |
| Mcdonald | $85 | $242 | $447 | $4,350 | $4,957 |
| Monument | $67 | $110 | $323 | $717 | $906 |
| Tatum | $52 | $109 | $271 | $592 | $1,268 |
| Maljamar | N/A | N/A | N/A | N/A | N/A |
| Portales | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell