Tatum, New Mexico Property Taxes
The median property tax rate in Tatum, NM, is 0.84%, slightly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Tatum at $35,416, the typical annual property tax bill is $271, significantly lower than the national median of $2,690. Property taxes in Tatum are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Tatum'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 Tatum 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
Tatum, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$297
$276
Ownwell’s Tatum Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tatum with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tatum 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 Tatum, New Mexico
Property taxes in Tatum, New Mexico, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tatum is 0.65%, which is lower than both the New Mexico state median of 0.55% and the U.S. national median of 0.99%. Local government entities within Tatum set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tatum 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 Tatum's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 88267 zip code has the highest median property tax rate of 0.84%, while the 88213 zip code has the lowest median tax rate of 0.74%. Understanding how these cities compare with Tatum 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 Tatum Tax Rate
0.84%
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 Tatum, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88213 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
| 88267 | 0.60% | 0.76% | 0.84% | 0.92% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Tatum, New Mexico
In Tatum, 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 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 Tatum, 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. The highest median tax bill in Tatum is $272 in the 88267 zip code, while the lowest is $147 in the 88213 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 Tatum Assessed Value
$35,416
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 Tatum, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88213 | $19,728 | $19,728 | $19,728 | $19,728 | $19,728 |
| 88267 | $7,005 | $15,726 | $35,457 | $70,864 | $135,546 |
Source: Ownwell
Property Tax Bills Across Tatum, New Mexico
In Tatum, 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 property's market value. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $35,416, the tax bill can vary significantly. Homeowners in the 25th percentile might see a tax bill around $109, while those in the 75th percentile could pay approximately $592. The highest median tax bill in the area is $272, found in the 88267 zip code, while the lowest is $147 in the 88213 zip code. These property taxes fund essential services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Homeowners should be aware of these factors, as they can influence both their monthly expenses and the overall affordability of homeownership in Tatum.
Average Tatum Tax Bill
$271
Average Lea County Tax Bill
$468
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Tatum, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88213 | $147 | $147 | $147 | $147 | $147 |
| 88267 | $52 | $109 | $272 | $593 | $1,268 |
Source: Ownwell