Lincoln, New Mexico Property Taxes
The median property tax rate in Lincoln, NM is 0.59%, considerably lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Lincoln at $84,345, the typical annual property tax bill reaches $858, well below the national median of $2,690. Property taxes in Lincoln are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lincoln'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 Lincoln 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
Lincoln, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$498
$462
Ownwell’s Lincoln Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lincoln with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lincoln 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 Lincoln, New Mexico
Property taxes in Lincoln, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lincoln is 0.59%, significantly lower than the U.S. national median of 0.99%. Local government entities within Lincoln set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lincoln 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 Lincoln's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 88338 has both the highest and lowest median property tax rate of 0.59%. Understanding how these cities compare with Lincoln provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lincoln Tax Rate
0.59%
Average Lincoln County Tax Rate
0.99%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lincoln, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88338 | 0.51% | 0.55% | 0.59% | 0.69% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Lincoln, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lincoln, 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 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 Lincoln, 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 Lincoln is $84,345, with tax bills ranging significantly. For example, the 25th percentile tax bill is $469, while the 75th percentile tax bill reaches $1,561. Notably, the highest median tax bill in the county is $858 in the 88338 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 Lincoln Assessed Value
$84,345
Average Lincoln County Assessed Value
$90,750
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lincoln, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88338 | $5,084 | $52,151 | $84,345 | $150,008 | $274,071 |
Source: Ownwell
Property Tax Bills Across Lincoln, New Mexico
In Lincoln, NM, property tax bills are calculated based on the assessed value of your home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. For example, if your home has a median market price of $84,345, this value is used as a starting point. Various factors such as property size, location, and any improvements made can influence the assessed value. Once the assessed value is established, the local tax rate is applied. In Lincoln, the median property tax bill is $858.00, which is relatively moderate compared to the national median property tax rate of 0.99%. Tax bills can vary significantly; for instance, the 25th percentile tax bill is $469, while the 75th percentile reaches $1,561, and the 90th percentile can be as high as $2,031. These tax bills directly impact homeowners by contributing to local services like schools, infrastructure, and emergency services. Understanding how these factors interplay can help homeowners anticipate their annual property tax obligations.
Average Lincoln Tax Bill
$858
Average Lincoln County Tax Bill
$1,235
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Lincoln, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88338 | $322 | $469 | $858 | $1,561 | $2,031 |
Source: Ownwell