Hobbs, New Mexico Property Taxes
The median property tax rate in Hobbs, NM is 0.89%, slightly below the national median of 0.99% but higher than the New Mexico state median of 0.86%. With the median home value in Hobbs at $62,865, the typical annual property tax bill comes to $518, which is significantly lower than the national median of $2,690. Property taxes in Hobbs are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Hobbs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Hobbs 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
Hobbs, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$559
Ownwell’s Hobbs Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Hobbs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hobbs 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 Hobbs, New Mexico
Property taxes in Hobbs, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hobbs is 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within Hobbs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hobbs 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 Hobbs' effective property tax rate to other areas in Lea County and the national median. For comparison, the 88240 zip code has the highest median property tax rate of 0.89%, while the 88242 zip code has the lowest median tax rate of 0.77%. Understanding how these areas compare with Hobbs provides valuable insights into the varying tax landscape across Lea County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hobbs Tax Rate
0.89%
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 Hobbs, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88240 | 0.71% | 0.80% | 0.89% | 0.91% | 0.93% |
| 88242 | 0.68% | 0.76% | 0.77% | 0.84% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Hobbs, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hobbs, New Mexico. 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 Lea 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 Hobbs, 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. For instance, the highest median tax bill in Hobbs is $713 in the 88242 zip code, while the lowest is $492 in the 88240 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hobbs Assessed Value
$62,865
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 Hobbs, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88240 | $7,389 | $21,570 | $58,568 | $126,520 | $213,891 |
| 88242 | $9,334 | $24,933 | $94,269 | $188,907 | $296,738 |
Source: Ownwell
Property Tax Bills Across Hobbs, New Mexico
In Hobbs, property tax bills are calculated based on the assessed value of a property, which is determined by the Lea County Assessor's Office. The assessed value is a percentage of the market value of the property. Various factors influence this market value, including the property's location, size, and condition. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. In Hobbs, the median home price is $62,865. Homeowners can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is $182, while the 75th percentile tax bill is $1,159. The 90th percentile tax bill can reach up to $1,968. The highest median tax bill in the area is $713 in the 88242 zip code, while the lowest is $492 in the 88240 zip code. These property taxes significantly impact homeowners by influencing their annual housing costs and overall financial planning. Compared to the national median property tax rate of 0.99%, Hobbs presents a varied landscape for property tax obligations.
Average Hobbs Tax Bill
$518
Average Lea County Tax Bill
$468
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Hobbs, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88240 | $60 | $181 | $492 | $1,083 | $1,856 |
| 88242 | $68 | $190 | $713 | $1,474 | $2,452 |
Source: Ownwell