Derry, New Mexico Property Taxes
The median property tax rate in Derry, NM is 0.76%, which is notably lower than both the national median of 0.99% and the New Mexico state median of 0.86%. Given the median home value in Derry, the typical annual property tax bill is approximately $512, significantly below the national median of $2,690. Property taxes in Derry are calculated based on the tax assessed value, which often falls below the market value thanks to various exemptions like those for primary residences and agricultural properties. Understanding Derry'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 Derry or another part of Sierra County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Derry, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$540
$501
Ownwell’s Derry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Derry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Derry 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 Derry, New Mexico
Property taxes in Derry, New Mexico, play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Derry is 0.76%, lower than the U.S. national median of 0.99%. Local government entities within Derry set these rates annually, and they can vary significantly across different neighborhoods. Each year, Derry 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 Derry's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87933 zip code has the highest median property tax rate of 0.76%, while the same 87933 zip code also has the lowest median tax rate of 0.76%. Understanding how these cities compare with Derry provides valuable insights into the varying tax landscape across Sierra County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Derry Tax Rate
0.76%
Average Sierra County Tax Rate
0.77%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Derry, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87933 | 0.72% | 0.72% | 0.76% | 0.76% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Derry, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Derry, 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 Sierra 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 Derry, 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. For example, the median home price in Derry is $71,007, with tax bills ranging from $288 at the 25th percentile to $1,639 at the 90th percentile. The highest and lowest median tax bill is found in the 87933 zip code, both at $512. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Derry Assessed Value
$71,007
Average Sierra County Assessed Value
$44,145
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Derry, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87933 | $8,625 | $40,412 | $71,007 | $134,579 | $206,702 |
Source: Ownwell
Property Tax Bills Across Derry, New Mexico
In Derry, Sierra County, NM, property tax bills are calculated based on the assessed value of your home, which is distinct from its market value. The local tax rate is applied to this assessed value to determine your annual property tax bill. Several factors influence the assessed value, including the home's location, size, and condition. For homeowners in Derry, the median home price is $71,007. Property tax bills can vary significantly; the 25th percentile tax bill is $288, while the 75th percentile is $1,035, and the 90th percentile reaches $1,639. These figures indicate that homeowners in Derry may experience a wide range of tax obligations. Compared to the national median property tax rate of 0.99%, Derry's property taxes can be relatively affordable, but the variation in tax bills underscores the importance of understanding how local assessments and rates impact individual financial responsibilities. Homeowners should stay informed about these factors to better manage their property tax obligations.
Average Derry Tax Bill
$512
Average Sierra County Tax Bill
$335
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Derry, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87933 | $68 | $288 | $512 | $1,035 | $1,639 |
Source: Ownwell