Faywood, New Mexico Property Taxes
The median property tax rate in Faywood, NM is 0.61%, significantly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With a median home value of $79,725 in Faywood, the typical annual property tax bill amounts to $487, which is well below the national median of $2,690. Property taxes in Faywood are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Faywood'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 Faywood 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
Faywood, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$486
Ownwell’s Faywood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Faywood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Faywood 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 Faywood, New Mexico
Property taxes in Faywood, New Mexico, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Faywood is 0.61%, which is lower than the U.S. national median of 0.99%. Local government entities within Faywood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Faywood 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 Faywood's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 88034 zip code has the highest median property tax rate of 0.61%, while the 88034 zip code also has the lowest median tax rate of 0.61%. Understanding how these cities compare with Faywood provides valuable insights into the varying tax landscape across Luna County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Faywood Tax Rate
0.61%
Average Luna County Tax Rate
0.70%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Faywood, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88034 | 0.61% | 0.61% | 0.61% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Faywood, New Mexico
In Faywood, New Mexico, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 Luna County Assessor's Office 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 Faywood, 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. Being aware of these valuation processes in Faywood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Faywood are both $487, found in the 88034 zip code.
Average Faywood Assessed Value
$79,725
Average Luna County Assessed Value
$18,150
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Faywood, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88034 | $79,725 | $79,725 | $79,725 | $79,725 | $79,725 |
Source: Ownwell
Property Tax Bills Across Faywood, New Mexico
In Faywood, property tax bills are calculated based on the assessed value of a home, which is determined by the Luna County Assessor's Office. The assessed value typically reflects a percentage of the market value of the property. Homeowners in Faywood can expect their property tax bill to be influenced by local tax rates and any applicable exemptions or deductions. For example, the median home price in Faywood is $79,725. With a consistent tax bill of $487 across different percentiles, homeowners might notice that their tax rate is relatively stable. This rate translates to approximately 0.61%, which is significantly lower than the national median property tax rate of 0.99%. This lower rate can be beneficial for homeowners, reducing the financial burden and making homeownership more affordable. Factors such as improvements to the property, changes in market conditions, and local government budgets can also affect the assessed value and, consequently, the property tax bill. Understanding these factors can help homeowners anticipate changes in their annual property tax obligations.
Average Faywood Tax Bill
$487
Average Luna County Tax Bill
$141
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Faywood, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88034 | $487 | $487 | $487 | $487 | $487 |
Source: Ownwell