Chaparral, Otero County, New Mexico Property Taxes
The median property tax rate in Chaparral, NM is 0.89%, slightly lower than the national median of 0.99% but higher than the New Mexico state median of 0.86%. With the median home value in Chaparral at $74,628, the typical annual property tax bill is $681, which is significantly below the national median of $2,690. Property taxes in Chaparral are calculated based on the assessed value, which often falls below the market value due to exemptions like primary residence and agricultural exemptions. Understanding Chaparral's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Chaparral or another part of Otero County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Chaparral, Otero County, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$664
$616
Ownwell’s Chaparral Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chaparral with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chaparral 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 Chaparral, Otero County, New Mexico
Property taxes in Chaparral, 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 Chaparral is 0.89%, which is below the U.S. national median of 0.99%. Local government entities within Chaparral set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chaparral 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 Chaparral's effective property tax rate to other regions in New Mexico and the national median. For comparison, the 88081 zip code within the same county has the highest median property tax rate of 0.89%, while also having the lowest median tax rate of 0.89%. Understanding how these areas compare with Chaparral provides valuable insights into the varying tax landscape across Otero County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chaparral Tax Rate
0.89%
Average Otero County Tax Rate
0.80%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chaparral, Otero County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88081 | 0.84% | 0.89% | 0.89% | 0.89% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Chaparral, Otero County, New Mexico
In Chaparral, 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 Otero 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 Chaparral, 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 Chaparral helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Chaparral is $74,628, with tax bills ranging from $394 at the 25th percentile to $1,614 at the 90th percentile. The zip code 88081 consistently records the highest and lowest median tax bill at $681.
Property Tax Assessment Values Across Chaparral, Otero County, New Mexico
Source: Ownwell
$23,540
$96,479
$169,418
Average Chaparral Assessed Value
$74,628
Average Otero County Assessed Value
$117,358
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chaparral, Otero County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88081 | $31,277 | $43,886 | $74,628 | $119,589 | $171,246 |
Source: Ownwell
Property Tax Bills Across Chaparral, Otero County, New Mexico
In Chaparral, located in Otero County, NM, property tax bills are calculated based on the assessed value of a home. The assessed value is typically a percentage of the market value, which is determined by the county assessor's office. Various factors such as property size, location, and condition play a significant role in this valuation. Homeowners in Chaparral face property tax bills that can vary widely. For instance, the tax bill at the 25th percentile is $394, while at the 75th percentile, it reaches $1,121. At the 90th percentile, tax bills can be as high as $1,614. The median home price in Chaparral is $74,628, which gives a sense of the property values in the area. Compared to the national median property tax rate of 0.99%, Chaparral's rates might seem more manageable, but they still present a significant expense for homeowners. This variability in tax bills reflects the diverse range of property values and the different factors that can influence an individual homeowner's tax burden.
Average Chaparral Tax Bill
$681
Average Otero County Tax Bill
$861
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Chaparral, Otero County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88081 | $281 | $394 | $681 | $1,121 | $1,614 |
Source: Ownwell