Maljamar, New Mexico Property Taxes
The median property tax rate in Maljamar, NM is 0.89%, slightly lower than the national median of 0.99% but higher than the New Mexico state median of 0.86%. With a median home value of $37,176 in Maljamar, the typical annual property tax bill is approximately $330, significantly below the national median of $2,690. Property taxes in Maljamar are calculated based on the assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Maljamar'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 Maljamar or another part of Lea County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Maljamar, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$331
Ownwell’s Maljamar Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Maljamar with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Maljamar to provide an estimate of your property tax bill. This user-friendly tool offers valuable insights into potential tax liabilities, helping you make informed decisions. For those interested in more granular data, scroll down to explore trends at the neighborhood level. Your property’s assessed value is determined by the county for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Maljamar, New Mexico
Property taxes in Maljamar, 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 Maljamar is 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within Maljamar set these rates annually, and they can vary across different neighborhoods. Each year, Maljamar 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 Maljamar's effective property tax rate to other areas in New Mexico and the national median. For comparison, the zip code 88264 has both the highest and lowest median property tax rate of 0.89%. Understanding how these areas compare with Maljamar 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 Maljamar 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 Maljamar, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88264 | 0.89% | 0.89% | 0.89% | 0.89% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Maljamar, New Mexico
In Maljamar, 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 Lea County Assessor 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 Maljamar, 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. The median home price in Maljamar is $37,176, with tax bills ranging from $325 at the 25th percentile to $336 at the 75th percentile, and $340 at the 90th percentile. The highest and lowest median tax bills in the area are both $330, found in the 88264 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Maljamar Assessed Value
$37,176
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 Maljamar, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88264 | $36,110 | $36,510 | $37,176 | $37,842 | $38,242 |
Source: Ownwell
Property Tax Bills Across Maljamar, New Mexico
In Maljamar, property tax bills are calculated based on the assessed value of your home, which is determined by the Lea County assessor. The tax rate in Maljamar is relatively low compared to the national median property tax rate of 0.99%. For instance, the median home price in Maljamar is $37,176, and the typical tax bill ranges from $325 at the 25th percentile to $340 at the 90th percentile. This means homeowners in Maljamar can expect to pay around $330 annually, irrespective of their specific zip code within the city. Factors influencing your tax bill include the assessed value of your property and the local tax rate set by various taxing authorities, such as school districts and municipal services. Lower property tax rates can make homeownership more affordable, but it's essential to ensure that the assessed value of your home is accurate. An incorrect assessment could lead to paying more than your fair share in property taxes, thereby affecting your overall financial planning.
Average Maljamar Tax Bill
$330
Average Lea County Tax Bill
$468
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Maljamar, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88264 | $321 | $325 | $330 | $336 | $340 |
Source: Ownwell