Bard, Quay County, New Mexico Property Taxes
The median property tax rate in Bard, NM is 0.69%, significantly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Bard at $42,477, the typical annual property tax bill amounts to $267, which is well below the national median of $2,690. Property taxes in Bard 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 Bard'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 Bard 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
Bard, Quay County, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$293
$272
Ownwell’s BARD Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BARD with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BARD 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 Bard, Quay County, New Mexico
Property taxes in BARD, New Mexico, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in BARD is 0.69%, which is lower than the U.S. national median of 0.99%. Local government entities within BARD set these rates annually, and they can vary significantly across different neighborhoods. Each year, BARD 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 BARD's effective property tax rate to other areas in New Mexico and the national median. For comparison, the zip code 88411 has both the highest and lowest median property tax rate of 0.69%. Understanding how these areas compare with BARD provides valuable insights into the varying tax landscape across Quay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bard Tax Rate
0.69%
Average Quay County Tax Rate
0.98%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bard, Quay County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88411 | 0.53% | 0.69% | 0.69% | 0.69% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Bard, Quay County, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in BARD, NM. 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 Quay 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 BARD, 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 BARD stands at $42,477, with tax bills ranging from $94 at the 25th percentile to $798 at the 90th percentile. Notably, the zip code 88411 has both the highest and lowest median tax bills at $267. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Bard, Quay County, New Mexico
Source: Ownwell
$20,585
$33,988
$47,391
Average Bard Assessed Value
$42,477
Average Quay County Assessed Value
$31,267
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bard, Quay County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88411 | $6,580 | $13,624 | $42,477 | $84,974 | $115,209 |
Source: Ownwell
Property Tax Bills Across Bard, Quay County, New Mexico
In BARD, located in Quay County, NM, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. For instance, with a median home price of $42,477, homeowners can expect varying tax bills depending on their property's assessed value and applicable exemptions. Several factors influence the tax bill, including the property's location within specific zip codes and any applicable exemptions or abatements. In BARD, the 25th percentile of tax bills is around $94, while the 75th percentile reaches $548. At the 90th percentile, tax bills can go up to $798. These figures illustrate the range of property tax obligations homeowners might face. Compared to the national median property tax rate of 0.99%, BARD's property tax rates can be seen as relatively moderate, but they still significantly impact homeowners' financial planning and budgeting. Understanding these factors can help homeowners anticipate and manage their property tax expenses more effectively.
Average Bard Tax Bill
$267
Average Quay County Tax Bill
$307
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Bard, Quay County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88411 | $32 | $94 | $267 | $548 | $798 |
Source: Ownwell