Luna County Property Taxes
The median property tax rate in Luna County is 0.70%, which is significantly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Luna County at $18,150, the typical annual property tax bill is $141, well below the national median of $2,690. Property taxes in Luna County are calculated based on the tax assessed value, generally lower than the actual market value due to various property tax exemptions such as primary residence and agricultural exemptions. Understanding Luna County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Deming or another part of Luna County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Luna County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$127
Ownwell’s Luna County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Luna County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Luna County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Luna County, New Mexico
Property taxes in Luna County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Luna County is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within Luna County set these rates annually, and they can vary significantly between different areas within the county. Each year, Luna County estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Luna County's effective property tax rate with other regions and the national median. For comparison, the city of Deming has one of the higher property tax rates in New Mexico at 0.70%, while the city of Faywood boasts one of the lowest at 0.61%. Analyzing how Luna County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Luna County Tax Rate
0.70%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Assessment Values Across Luna County, New Mexico
In Luna County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Luna County Appraisal District. The assessed value, however, 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. Assessment notices in Luna County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Being aware of these valuation processes in Luna County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively. In Luna County, the highest median tax bill is found in Faywood at $487, while the lowest is in Deming at $144. By keeping informed, homeowners can better manage their property tax obligations.
Average Luna County Assessed Value
$18,150
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Bills Across Luna County, New Mexico
In Luna County, NM, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the property's market value. For instance, the median home price in Luna County is $18,150. Property tax rates are applied to this assessed value to determine the annual tax bill. Various factors influence the tax bill, including the property's location and any applicable exemptions. Homeowners in Luna County experience a range of tax bills. For example, the tax bill at the 25th percentile is around $70, while at the 75th percentile, it rises to $285, and at the 90th percentile, it can reach up to $520. The city with the highest median tax bill in the county is Faywood at $487, whereas Deming has the lowest median tax bill at $144. These tax bills impact homeowners by affecting their annual financial planning and overall cost of homeownership, especially when compared to the national median property tax rate of 0.99%.
Average Luna County Tax Bill
$141
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690