Grady, New Mexico Property Taxes
The median property tax rate in Grady, NM is 0.74%, which is notably lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Grady being $36,852, the typical annual property tax bill amounts to $253, significantly less than the national median of $2,690. Property taxes in Grady are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. By understanding Grady's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve substantial annual savings. Whether you're in the heart of Grady or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Grady, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$273
$253
Ownwell’s Grady Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grady with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grady 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 Grady, New Mexico
Property taxes in Grady, New Mexico, are essential for funding key local services, including public schools, road maintenance, and emergency services. The median tax rate in Grady is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Grady set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grady 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 Grady's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 88120 in Grady 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 cities compare with Grady 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 Grady Tax Rate
0.74%
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 Grady, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88120 | 0.60% | 0.69% | 0.74% | 0.74% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Grady, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Grady, New Mexico. 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 Grady, 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. For instance, the median home price in Grady is $36,852, with tax bills ranging from $164 at the 25th percentile to $839 at the 90th percentile. Notably, the highest and lowest median tax bills are both $253 in the 88120 zip code. 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.
Average Grady Assessed Value
$36,852
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 Grady, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88120 | $6,898 | $20,792 | $36,852 | $90,721 | $112,019 |
Source: Ownwell
Property Tax Bills Across Grady, New Mexico
In Grady, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor's office. The median home price in Grady is $36,852. Homeowners in this area see property tax bills that can vary significantly. For instance, the tax bill at the 25th percentile is $164, while at the 75th percentile, it rises to $645. At the 90th percentile, it can reach as high as $839. The property tax rate in Grady is influenced by the county's needs for public services such as schools, infrastructure, and emergency services. The tax bill is a product of multiplying the assessed home value by the local property tax rate. Compared to the national median property tax rate of 0.99%, Grady's property taxes reflect the economic landscape and funding requirements of Quay County. This variation in tax bills can significantly impact homeowners, affecting their annual budgets and overall financial planning.
Average Grady Tax Bill
$253
Average Quay County Tax Bill
$307
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Grady, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88120 | $52 | $164 | $253 | $645 | $839 |
Source: Ownwell