Tularosa, Otero County, New Mexico Property Taxes
The median property tax rate in Tularosa, NM is 0.75%, which is notably lower than both the national median of 0.99% and New Mexico's state median of 0.86%. With a median home value of $89,090 in Tularosa, the typical annual property tax bill amounts to $670, significantly below the national median of $2,690. Property taxes in Tularosa are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural land. Navigating Tularosa's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Tularosa 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
Tularosa, Otero County, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$668
$620
Ownwell’s Tularosa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tularosa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tularosa 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 Tularosa, Otero County, New Mexico
Property taxes in Tularosa, New Mexico, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tularosa is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Tularosa set these rates annually, and they can vary across different neighborhoods. Each year, Tularosa 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 Tularosa's effective property tax rate to other areas in New Mexico and the national median. For comparison, the zip code 88352 has both the highest and lowest median property tax rate of 0.75%. Understanding how these areas compare with Tularosa 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 Tularosa Tax Rate
0.75%
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 Tularosa, Otero County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88352 | 0.60% | 0.64% | 0.75% | 0.82% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Tularosa, Otero County, New Mexico
In Tularosa, 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 Tularosa, 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 Tularosa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in Tularosa is $670 in the 88352 zip code, which is also the lowest median tax bill, highlighting a consistent tax landscape.
Property Tax Assessment Values Across Tularosa, Otero County, New Mexico
Source: Ownwell
$23,540
$96,479
$169,418
Average Tularosa Assessed Value
$89,090
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 Tularosa, Otero County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88352 | $34,658 | $56,032 | $89,090 | $152,294 | $229,437 |
Source: Ownwell
Property Tax Bills Across Tularosa, Otero County, New Mexico
In Tularosa, property tax bills are calculated based on the assessed value of a home, which is determined by the Otero County Assessor. The assessed value is a percentage of the property's market value. For homeowners in Tularosa, the median home price is $89,090. Property tax rates in this area are influenced by local government budgets and the needs of public services. Several factors are considered when determining the tax bill, including the home's assessed value, any applicable exemptions, and the local tax rate. For instance, tax bills in Tularosa range from $416 at the 25th percentile to $1,711 at the 90th percentile, with the highest median tax bill being $670 in the 88352 zip code. These property taxes fund essential services such as public schools, emergency services, and infrastructure maintenance. Homeowners in Tularosa should be aware of how these taxes impact their annual expenses, as they are a significant part of homeownership costs. By understanding how property taxes are calculated, residents can better plan for these expenses.
Average Tularosa Tax Bill
$670
Average Otero County Tax Bill
$861
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Tularosa, Otero County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88352 | $246 | $416 | $670 | $1,092 | $1,711 |
Source: Ownwell