Ruidoso Downs, New Mexico Property Taxes
The median property tax rate in Ruidoso Downs, NM is 1.04%, slightly higher than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Ruidoso Downs at $30,558, the typical annual property tax bill amounts to $441, which is significantly lower than the national median of $2,690. Property taxes in Ruidoso Downs 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 Ruidoso Downs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Ruidoso Downs or another part of Lincoln County, getting a grasp on the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ruidoso Downs, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$318
$295
Ownwell’s Ruidoso Downs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ruidoso Downs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ruidoso Downs 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 Ruidoso Downs, New Mexico
Property taxes in Ruidoso Downs, NM, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ruidoso Downs is 1.04%, which is higher than the U.S. national median of 0.99%. Local government entities within Ruidoso Downs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ruidoso Downs 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 Ruidoso Downs' effective property tax rate to other counties in New Mexico and the national median. For comparison, the 88346 zip code has the highest median property tax rate of 1.04%, while the same zip code also represents the lowest median tax rate of 1.04%. Understanding how these areas compare with Ruidoso Downs 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 Ruidoso Downs Tax Rate
1.04%
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 Ruidoso Downs, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88346 | 0.73% | 0.95% | 1.04% | 1.04% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Ruidoso Downs, New Mexico
In Ruidoso Downs, 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 Lincoln 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 Ruidoso Downs, 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. For example, the median home price in Ruidoso Downs is $30,558, with tax bills ranging from $159 at the 25th percentile to $3,109 at the 90th percentile. The zip code 88346 has the highest and lowest median tax bill at $441. 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.
Property Tax Assessment Values Across Ruidoso Downs, New Mexico
Source: Ownwell
$30,558
$148,916
$267,273
Average Ruidoso Downs Assessed Value
$30,558
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 Ruidoso Downs, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88346 | $6,021 | $13,665 | $30,558 | $103,428 | $204,092 |
Source: Ownwell
Property Tax Bills Across Ruidoso Downs, New Mexico
In Ruidoso Downs, located in Lincoln County, NM, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the market value, which can fluctuate with real estate trends. Homeowners in this region can expect property tax bills that vary significantly, with the 25th percentile at $159 and the 75th percentile reaching $1,470. For those in the 90th percentile, tax bills can climb to $3,109. The median home price in Ruidoso Downs is $30,558, and the median property tax bill in the area is $441, which is significantly lower than the national median property tax rate of 0.99%. These property tax bills are influenced by various factors, including property size, location, and local tax rates. Lower property tax rates can make homeownership more affordable, but they also mean that local services funded by these taxes may have limited budgets. Understanding how these factors interplay can help homeowners better manage their financial planning and anticipate future tax obligations.
Average Ruidoso Downs Tax Bill
$441
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 Ruidoso Downs, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88346 | $69 | $159 | $441 | $1,470 | $3,109 |
Source: Ownwell