Clovis, New Mexico Property Taxes
The median property tax rate in Clovis, NM is 0.74%, which is lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With a median home value of $571,300 in Clovis, the typical annual property tax bill amounts to $4,203, significantly higher than the national median of $2,690. Property taxes in Clovis 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 properties. Grasping Clovis's property tax system, exploring available exemptions, and finding opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Clovis or another part of the city, understanding the local property tax system benefits both homeowners and real estate investors.
Last Updated June 14, 2024
Clovis, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$4,228
$3,923
Ownwell’s Clovis Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Clovis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Clovis 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 Clovis, New Mexico
Property taxes in Clovis, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Clovis is 0.74%, lower than the U.S. national median of 0.99%. Local government entities within Clovis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Clovis 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 Clovis's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 88101 zip code has the highest median property tax rate of 0.74%, while the 88101 zip code also has the lowest median tax rate of 0.74%. Understanding how these cities compare with Clovis provides valuable insights into the varying tax landscape across Roosevelt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Clovis Tax Rate
0.74%
Average Roosevelt County Tax Rate
0.72%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Clovis, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88101 | 0.72% | 0.73% | 0.74% | 0.75% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Clovis, New Mexico
In Clovis, 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 Roosevelt County Assessor's Office 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 Clovis, 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 Clovis helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Clovis is 88101, with a median tax bill of $4,203.
Average Clovis Assessed Value
$571,300
Average Roosevelt County Assessed Value
$25,631
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Clovis, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88101 | $127,777 | $294,098 | $571,300 | $1,244,154 | $1,647,867 |
Source: Ownwell
Property Tax Bills Across Clovis, New Mexico
In Clovis, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For Clovis, the median home price stands at $571,300. Homeowners in this city can expect their property tax bills to vary significantly, with the 25th percentile of tax bills at $2,162 and the 75th percentile reaching up to $9,405. For those in the 90th percentile, the tax bill can be as high as $12,527. These tax bills play a crucial role in funding local services such as schools, public safety, and infrastructure. The highest and lowest median tax bills in Clovis both stand at $4,203, highlighting a range of tax burdens depending on property values and exemptions. Compared to the national median property tax rate of 0.99%, Clovis homeowners may find their property tax rates either below or above this benchmark, affecting their overall financial planning and homeownership costs.
Average Clovis Tax Bill
$4,203
Average Roosevelt County Tax Bill
$181
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Clovis, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88101 | $938 | $2,162 | $4,203 | $9,405 | $12,527 |
Source: Ownwell