Gamerco, Mckinley County, New Mexico Property Taxes
The median property tax rate in Gamerco, NM is 0.98%, slightly lower than the national median of 0.99% but higher than the New Mexico state median of 0.86%. With a median home value of $82,396 in Gamerco, the typical annual property tax bill is approximately $742, which is significantly below the national median of $2,690. Property taxes in Gamerco 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 Gamerco'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 Gamerco or another part of McKinley County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gamerco, Mckinley County, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$807
$749
Ownwell’s Gamerco Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gamerco with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gamerco 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 Gamerco, Mckinley County, New Mexico
Property taxes in Gamerco, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gamerco is 0.98%, closely aligning with both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Gamerco set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gamerco 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 Gamerco's effective property tax rate to other areas in New Mexico and the national median. For comparison, the 87317 zip code has both the highest and lowest median property tax rate of 0.98%. Understanding how these areas compare with Gamerco provides valuable insights into the varying tax landscape across McKinley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gamerco Tax Rate
0.98%
Average Mckinley County Tax Rate
1.20%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gamerco, Mckinley County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87317 | 0.74% | 0.92% | 0.98% | 0.98% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Gamerco, Mckinley County, New Mexico
In Gamerco, 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 McKinley 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 Gamerco, 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 Gamerco helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills both occur in the 87317 zip code, amounting to $742.
Property Tax Assessment Values Across Gamerco, Mckinley County, New Mexico
Source: Ownwell
$12,560
$84,834
$157,107
Average Gamerco Assessed Value
$82,396
Average Mckinley County Assessed Value
$79,030
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gamerco, Mckinley County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87317 | $12,395 | $30,890 | $82,396 | $137,426 | $183,265 |
Source: Ownwell
Property Tax Bills Across Gamerco, Mckinley County, New Mexico
In Gamerco, located in McKinley County, NM, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is a percentage of the property’s market value. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $82,396, homeowners can expect varying tax bills depending on their property's assessed value and applicable exemptions. Tax bills in Gamerco show significant variability. The 25th percentile tax bill is $286, while the 75th percentile reaches $1,294, and the 90th percentile can be as high as $1,752. These figures highlight the impact of property value and assessment accuracy on the final tax bill. Although the highest and lowest median tax bills in McKinley County are both $742, they can still influence homeowners' financial planning and real estate decisions. Understanding these factors is crucial for homeowners aiming to manage their property tax obligations effectively.
Average Gamerco Tax Bill
$742
Average Mckinley County Tax Bill
$899
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Gamerco, Mckinley County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87317 | $78 | $286 | $742 | $1,294 | $1,752 |
Source: Ownwell