Tucumcari, Quay County, New Mexico Property Taxes
The median property tax rate in Tucumcari, NM is 0.98%, slightly below the national median of 0.99% but higher than the New Mexico state median of 0.86%. With the median home value in Tucumcari at $33,823, the typical annual property tax bill is around $345, which is significantly lower than the national median of $2,690. Property taxes in Tucumcari are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Tucumcari'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 Tucumcari 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
Tucumcari, Quay County, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$331
$308
Ownwell’s TUCUMCARI Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in TUCUMCARI with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in TUCUMCARI 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 Tucumcari, Quay County, New Mexico
Property taxes in Tucumcari, New Mexico, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Tucumcari is 0.98%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Tucumcari set these rates annually, and they can vary across different neighborhoods. Each year, Tucumcari 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. For comparison, the zip code 88401 has both the highest and lowest median property tax rate of 0.98%. Understanding how these figures compare with Tucumcari 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 Tucumcari Tax Rate
0.98%
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 Tucumcari, Quay County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88401 | 0.77% | 0.88% | 0.98% | 1.10% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Tucumcari, Quay County, New Mexico
In Tucumcari, 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 Tucumcari, 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 Tucumcari helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $345, found in the 88401 zip code.
Property Tax Assessment Values Across Tucumcari, Quay County, New Mexico
Source: Ownwell
$20,585
$33,988
$47,391
Average Tucumcari Assessed Value
$33,823
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 Tucumcari, Quay County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88401 | $4,837 | $16,050 | $33,823 | $67,585 | $117,719 |
Source: Ownwell
Property Tax Bills Across Tucumcari, Quay County, New Mexico
Property tax bills in Tucumcari, located in Quay County, NM, are determined by assessing the value of a property and applying the local tax rate. The median home price in Tucumcari is $33,823, which is significantly lower than the national median. Property taxes are calculated based on this assessed value, and the tax bills can vary widely. For instance, the 25th percentile tax bill is $154, while the 75th percentile tax bill is $677. At the 90th percentile, homeowners can expect to pay around $1,096. Factors influencing these tax bills include the assessed value of the property, local tax rates, and applicable exemptions. Homeowners in Tucumcari benefit from relatively low property tax rates compared to the national median property tax rate of 0.99%. The highest and lowest median tax bills in the area are both $345, indicating a consistent tax rate within the zip code 88401. These property taxes are crucial as they fund local services, including schools, infrastructure, and public safety, impacting the overall quality of life for residents.
Average Tucumcari Tax Bill
$345
Average Quay County Tax Bill
$307
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Tucumcari, Quay County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88401 | $44 | $154 | $345 | $677 | $1,096 |
Source: Ownwell