Monument, New Mexico Property Taxes
The median property tax rate in Monument, NM is 0.77%, which is lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Monument at $42,156, the typical annual property tax bill is $323, significantly below the national median of $2,690. Property taxes in Monument are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Monument's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Monument or another part of Lea County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Monument, New Mexico Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,720
Ownwell’s Monument Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monument with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monument 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 Monument, New Mexico
Property taxes in Monument, 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 Monument is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Monument set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monument 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 Monument's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 88265 zip code has both the highest and lowest median property tax rate of 0.77%. Understanding how these cities compare with Monument 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 Monument Tax Rate
0.77%
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 Monument, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88265 | 0.75% | 0.76% | 0.77% | 0.78% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Monument, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Monument, 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 Monument, 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 median home price in Monument is $42,156, with the 25th percentile tax bill at $110 and the 75th percentile at $717. The zip code with the highest and lowest median tax bill is 88265, both at $323. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Monument Assessed Value
$42,156
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 Monument, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88265 | $8,988 | $14,509 | $42,156 | $94,777 | $133,078 |
Source: Ownwell
Property Tax Bills Across Monument, New Mexico
In Monument, NM, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. The assessed value is a percentage of the market value, reflecting the property's worth in the current real estate market. The tax rate is then applied to this assessed value to determine the annual tax bill. For homeowners in Monument, the median home price is $42,156. Factors influencing the tax bill include the property's location, size, and any improvements made. The tax bill can vary widely, with the 25th percentile at $110 and the 75th percentile at $717. The 90th percentile tax bill reaches $906, indicating some properties are taxed significantly higher. Compared to the national median property tax rate of 0.99%, Monument's tax rates are relatively modest, providing some relief for homeowners. However, these taxes still play a crucial role in funding local services such as schools, infrastructure, and emergency services, directly impacting the quality of life in the community.
Average Monument Tax Bill
$323
Average Lea County Tax Bill
$468
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Monument, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88265 | $67 | $110 | $323 | $717 | $906 |
Source: Ownwell