Elida, Roosevelt County, New Mexico Property Taxes
Elida, NM, boasts a median property tax rate of 0.49%, significantly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With a median home value of $51,305 in Elida, the typical annual property tax bill is around $250, far below the national median of $2,690. Property taxes in Elida are calculated based on the assessed value, which generally falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. By understanding Elida's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're residing in Elida or investing in its real estate, gaining insights into the local property tax system can provide significant financial benefits.
Last Updated June 14, 2024
Elida, Roosevelt County, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.49%
Estimate Property Tax Bill
$251
$233
Ownwell’s Elida Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elida with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elida 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 Elida, Roosevelt County, New Mexico
Property taxes in Elida, New Mexico, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elida stands at 0.49%, notably lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Elida set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elida 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 Elida's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 88116 has both the highest and lowest median property tax rate of 0.49%, reflecting the uniformity in property tax rates within the area. Understanding how these cities compare with Elida 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 Elida Tax Rate
0.49%
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 Elida, Roosevelt County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88116 | 0.45% | 0.48% | 0.49% | 0.52% | 0.53% |
Source: Ownwell
Property Tax Assessment Values Across Elida, Roosevelt County, New Mexico
In Elida, 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 Elida, 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 Elida helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Elida is $51,305. The highest and lowest median tax bills are both $250, occurring in the 88116 zip code.
Property Tax Assessment Values Across Elida, Roosevelt County, New Mexico
Source: Ownwell
$21,386
$59,853
$98,319
Average Elida Assessed Value
$51,305
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 Elida, Roosevelt County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88116 | $4,470 | $18,522 | $51,305 | $80,789 | $152,917 |
Source: Ownwell
Property Tax Bills Across Elida, Roosevelt County, New Mexico
In Elida, property tax bills are calculated based on the assessed value of a home, with the tax rate applied to this value. The assessed value is determined by the local assessor's office and reflects a percentage of the home's market value. For homeowners in Elida, the median home price is $51,305. Property tax bills can vary significantly, with the 25th percentile at $92 and the 75th percentile at $409, indicating a wide range in tax burdens. At the 90th percentile, homeowners might see tax bills as high as $745. The property tax rate in Elida is influenced by local government budgets and the need to fund public services such as schools, infrastructure, and emergency services. This rate is compared to the national median property tax rate of 0.99%, providing a benchmark for understanding local tax burdens. Homeowners in Elida should be aware of these factors as they directly impact their annual tax bills and overall cost of homeownership.
Average Elida Tax Bill
$250
Average Roosevelt County Tax Bill
$181
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Elida, Roosevelt County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88116 | $28 | $92 | $250 | $409 | $745 |
Source: Ownwell