Tinnie, New Mexico Property Taxes
The median property tax rate in Tinnie, NM is 1.05%, slightly above the national median of 0.99% and higher than the New Mexico state median of 0.86%. With a median home value of $162,990, the typical annual property tax bill in Tinnie amounts to $2,303, which is below the national median of $2,690. Property taxes in Tinnie are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Tinnie’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 Tinnie or another part of Lincoln County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tinnie, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$1,711
$1,588
Ownwell’s Tinnie Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tinnie with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tinnie 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 Tinnie, New Mexico
Property taxes in Tinnie, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tinnie is 1.05%, higher than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Tinnie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tinnie 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 Tinnie's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 88351 zip code has the highest median property tax rate of 1.05%, while the 88351 zip code also has the lowest median tax rate of 1.05%. Understanding how these cities compare with Tinnie 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 Tinnie Tax Rate
1.05%
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 Tinnie, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88351 | 0.77% | 0.89% | 1.05% | 1.45% | 2.34% |
Source: Ownwell
Property Tax Assessment Values Across Tinnie, New Mexico
In Tinnie, 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 Tinnie, 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 instance, the median home price in Tinnie is $162,990, with tax bills ranging from $1,092 at the 25th percentile to $39,435 at the 90th percentile. The highest and lowest median tax bill is $2,303 in the 88351 zip code. By understanding these valuation processes, 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 Tinnie Assessed Value
$162,990
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 Tinnie, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88351 | $25,170 | $65,352 | $162,990 | $922,896 | $4,249,104 |
Source: Ownwell
Property Tax Bills Across Tinnie, New Mexico
In Tinnie, within Lincoln County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is typically a percentage of the property's market value. The tax rate, or millage rate, is then applied to this assessed value to compute the annual property tax bill. For example, with a median home price of $162,990, homeowners might expect varying tax bills depending on their property's specific assessed value and applicable exemptions. Factors influencing the tax bill include the property's location, size, and any applicable exemptions or deductions. In Tinnie, the tax bill can range significantly, with the 25th percentile bill at $1,092 and the 90th percentile reaching up to $39,435. These taxes fund essential local services such as schools, infrastructure, and public safety, significantly impacting homeowners' annual expenses. Comparing this with the national median property tax rate of 0.99%, Tinnie's property taxes illustrate the variability and potential financial burden on homeowners in the region.
Average Tinnie Tax Bill
$2,303
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 Tinnie, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88351 | $429 | $1,092 | $2,303 | $13,391 | $39,435 |
Source: Ownwell