Pep, New Mexico Property Taxes
The median property tax rate in Portales, NM is 0.67%, significantly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Portales at $46,550, the typical annual property tax bill amounts to $314, well below the national median of $2,690. Property taxes in Portales are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Portales's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Portales 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
Pep, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.67%
Estimate Property Tax Bill
$312
Ownwell’s PEP Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in PEP with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in PEP 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 Pep, New Mexico
Property taxes in Portales, 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 Portales is 0.67%, which is lower than the U.S. national median of 0.99%. Local government entities within Portales set these rates annually, and they can vary significantly across different neighborhoods. Each year, Portales 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 Portales' effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 88126 has both the highest and lowest median property tax rate of 0.67%. Understanding how these cities compare with Portales 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 Pep Tax Rate
0.67%
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 Pep, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88126 | 0.66% | 0.66% | 0.67% | 0.68% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Pep, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in PEP, Roosevelt County, 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 local 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 PEP, 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. The median home price in PEP is $46,550, with tax bills ranging from $76 at the 25th percentile to $895 at the 90th percentile. The highest median tax bill is $314 in the 88126 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Pep Assessed Value
$46,550
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 Pep, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88126 | $1,446 | $11,315 | $46,550 | $95,172 | $130,300 |
Source: Ownwell
Property Tax Bills Across Pep, New Mexico
In PEP, located in Roosevelt County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is typically a percentage of the property's market value. Homeowners in PEP experience a range of property tax bills, reflecting the variation in property values and assessments within the area. For instance, the tax bill at the 25th percentile is $76, while at the 75th percentile, it rises to $627. The tax bill at the 90th percentile reaches $895, demonstrating the higher end of the spectrum. The median home price in PEP is $46,550, which influences the overall property tax calculations. For comparison, the highest and lowest median tax bills in the region are both $314, indicating some consistency in certain areas. These property tax bills directly impact homeowners by affecting their annual financial obligations, potentially influencing decisions on homeownership and long-term investment in their properties. Understanding these factors helps homeowners anticipate their tax responsibilities and plan accordingly.
Average Pep Tax Bill
$314
Average Roosevelt County Tax Bill
$181
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Pep, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88126 | $10 | $76 | $314 | $627 | $895 |
Source: Ownwell