Hobbs, Lea County, New Mexico Property Taxes
Median Hobbs, NM effective property tax rate: 0.89%, slightly lower than the national median of 1.02%, but higher than the New Mexico state median of 0.86%.
Median Hobbs, NM home value: $62,865
Median annual Hobbs, NM tax bill: $518, $1,882 lower than the national median property tax bill of $2,400.
How are property taxes in Lea County calculated?
Property taxes in Hobbs, NM 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 Hobbs’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Hobbs, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Hobbs, Lea County, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.89%
Estimate Property Tax Bill
$559
$519
Property Tax Rates Across Hobbs, Lea County, New Mexico
Local government entities determine property tax rates, and these can differ significantly within New Mexico. Each year, counties like Lea estimate their necessary budget to provide essential services and divide this by the total assessed value of all taxable properties in their jurisdiction. This calculation establishes the property tax rate. Although setting tax rates and budgets involves votes and legislative considerations, this is essentially the yearly procedure.
In Hobbs, located in Lea County, the effective property tax rate is a key point of comparison when looking at other cities in New Mexico. The median property tax rate in New Mexico is slightly below the national median, offering a more favorable tax environment for property owners. Within Lea County, the highest median tax rate can be found in the 88240 area, while the lowest is in the 88242 area. Comparing these figures to the national median property tax rate and bill highlights the relative affordability of property taxes in this region, making Hobbs an attractive location for homeowners seeking cost-effective property tax solutions.
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 Hobbs 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 Lea County Tax Rate
0.89%
Median Effective New Mexico Tax Rate
0.86%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Hobbs, Lea County, 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, Lea County, New Mexico
When examining property taxes in Hobbs, NM, 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 appraisal district 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 Hobbs.
For example, the median home price in Hobbs is $62,865, with tax bills ranging significantly across the county. Zip code 88242 has the highest median home price at $94,269.
Property Tax Assessment Values Across Hobbs, Lea County, New Mexico
Source: Ownwell
$34,002
$64,136
$94,269
Median Hobbs Market Value
$62,865
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 Hobbs, Lea County, 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, Lea County, New Mexico
Median Hobbs Tax Bill
$518
Median Lea County Tax Bill
$468
Median New Mexico Tax Bill
$1,192
Median United States Tax Bill
$2,400
Property Tax Bills Across Hobbs, Lea County, 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