Timberon, New Mexico Property Taxes
The median property tax rate in Timberon, NM is 0.74%, which is lower than both the national median of 0.99% and the New Mexico state median of 0.86%. Given the median home value in Timberon is $69,169, the typical annual property tax bill amounts to $481, significantly below the national median of $2,690. Property taxes in Timberon are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Timberon'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 Timberon 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
Timberon, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$512
$475
Ownwell’s Timberon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Timberon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Timberon 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 Timberon, New Mexico
Property taxes in Timberon, 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 Timberon is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Timberon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Timberon 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 Timberon's effective property tax rate to other areas in the region and the national median. For comparison, the zip code 88350 has the highest median property tax rate of 0.74%, while the same zip code also has the lowest median tax rate of 0.74%. Understanding how these figures compare with Timberon 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 Timberon Tax Rate
0.74%
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 Timberon, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88350 | 0.69% | 0.74% | 0.74% | 0.74% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Timberon, New Mexico
In Timberon, 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 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 Timberon, 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. The median home price in Timberon is $69,169, with tax bills ranging from $290 at the 25th percentile to $1,129 at the 90th percentile. Notably, the highest and lowest median tax bills both amount to $481 in the zip code 88350. 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 Timberon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Timberon Assessed Value
$69,169
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 Timberon, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88350 | $20,056 | $41,704 | $69,169 | $105,000 | $154,785 |
Source: Ownwell
Property Tax Bills Across Timberon, New Mexico
In Timberon, located in Otero County, NM, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and is typically a percentage of the property's market value. For homeowners in Timberon, the median home price is $69,169. Various factors influence the final tax bill, including the property's location, size, and any applicable exemptions. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For instance, homeowners in the 25th percentile can expect a tax bill around $290, while those in the 75th percentile might see bills closer to $749. At the 90th percentile, tax bills can reach approximately $1,129. Compared to the national median property tax rate of 0.99%, Timberon's property tax rates offer a more affordable option for homeowners. Understanding these factors helps homeowners anticipate their tax obligations and manage their budgets more effectively.
Average Timberon Tax Bill
$481
Average Otero County Tax Bill
$861
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Timberon, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88350 | $144 | $290 | $481 | $749 | $1,129 |
Source: Ownwell