Logan, New Mexico Property Taxes
The median property tax rate in Logan, NM is 1.00%, slightly higher than the national median of 0.99% and significantly above the New Mexico state median of 0.86%. With a median home value of $22,124 in Logan, the typical annual property tax bill is $212, which is well below the national median of $2,690. Property taxes in Logan are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Logan'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 Logan 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
Logan, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$221
$205
Ownwell’s Logan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Logan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Logan 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 Logan, New Mexico
Property taxes in Logan, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Logan is 1.00%, which is higher than the U.S. national median of 0.99%. Local government entities within Logan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Logan 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 Logan's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 88426 zip code has the highest median property tax rate of 1.00%, while the same zip code also has the lowest median tax rate of 1.00%. Understanding how these cities compare with Logan 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 Logan Tax Rate
1.00%
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 Logan, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88426 | 0.76% | 1.00% | 1.00% | 1.00% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Logan, New Mexico
In Logan, 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 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 Logan, 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 Logan is $22,124, with tax bills varying significantly. For instance, the 25th percentile tax bill is $46, while the 75th percentile tax bill reaches $802. The highest and lowest median tax bills are both $212 in the 88426 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 Logan Assessed Value
$22,124
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 Logan, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88426 | $3,146 | $4,739 | $22,124 | $83,173 | $172,704 |
Source: Ownwell
Property Tax Bills Across Logan, New Mexico
In Logan, located in Quay County, NM, property tax bills are calculated based on the assessed value of the property. The assessed value is typically a percentage of the market value of the home, which is determined by the county assessor. For instance, with a median home price of $22,124, the tax bill can vary significantly. Homeowners in the 25th percentile can expect to pay around $46, while those in the 75th percentile might see bills closer to $802. In some cases, tax bills can reach up to $1,744, particularly for properties in the highest brackets. These property tax bills are influenced by various factors, including property size, location, and any applicable exemptions. The highest and lowest median tax bills in Logan both stand at $212, which is considerably lower than the national median property tax rate of 0.99%. This relatively low tax burden can make homeownership in Logan more affordable, but it's essential for homeowners to stay informed about potential changes in assessed values and tax rates that could impact their bills.
Average Logan Tax Bill
$212
Average Quay County Tax Bill
$307
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Logan, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88426 | $29 | $46 | $212 | $802 | $1,744 |
Source: Ownwell