Texico, New Mexico Property Taxes
The median property tax rate in Texico, NM is 0.72%, which is notably lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With a median home value of $29,818 in Texico, the typical annual property tax bill is $214, significantly below the national median of $2,690. Property taxes in Texico are based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Gaining a comprehensive understanding of Texico's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Texico or another part of Roosevelt County, mastering the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Texico, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$215
$199
Ownwell’s Texico Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Texico with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Texico 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 Texico, New Mexico
Property taxes in Texico, New Mexico, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Texico is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Texico set these rates annually, and they can vary significantly across different neighborhoods. Each year, Texico 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 88135 has both the highest and lowest median property tax rate of 0.72%, reflecting a consistent tax landscape within the region. Understanding how these figures compare with Texico 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 Texico Tax Rate
0.72%
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 Texico, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88135 | 0.72% | 0.72% | 0.72% | 0.72% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Texico, New Mexico
In Texico, 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 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 Texico, 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 Texico is $29,818, with tax bills ranging from $164 at the 25th percentile to $2,277 at the 90th percentile. The zip code 88135 has the highest and lowest median tax bill, both at $214. By understanding 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 Texico helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Texico Assessed Value
$29,818
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 Texico, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88135 | $18,104 | $22,908 | $29,818 | $34,520 | $317,671 |
Source: Ownwell
Property Tax Bills Across Texico, New Mexico
In Texico, located in Roosevelt County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the property's market value. Once the assessed value is established, the local tax rate is applied to determine the annual tax bill. For example, with a median home price of $29,818, homeowners can expect varying tax bills depending on their property's assessed value and the applicable tax rate. Factors such as property improvements, neighborhood developments, and changes in market conditions can influence the assessed value. Homeowners in Texico experience a range of tax bills, with the 25th percentile at $164 and the 75th percentile at $248. The highest median tax bill in the area is $214, consistent across the zip code 88135. These property taxes fund essential public services, such as schools, infrastructure, and emergency services, directly impacting the community's quality of life.
Average Texico Tax Bill
$214
Average Roosevelt County Tax Bill
$181
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Texico, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88135 | $130 | $164 | $214 | $248 | $2,277 |
Source: Ownwell