Elephant Butte, New Mexico Property Taxes
The median property tax rate in Elephant Butte, NM, is 0.90%, slightly lower than the national median of 0.99% but higher than the New Mexico state median of 0.86%. With a median home value of $81,117, the typical annual property tax bill in Elephant Butte is $608, significantly below the national median of $2,690. Property taxes in Elephant Butte are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Elephant Butte's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Elephant Butte 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
Elephant Butte, New Mexico Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,720
Ownwell’s Elephant Butte Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Elephant Butte with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elephant Butte 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 Elephant Butte, New Mexico
Property taxes in Elephant Butte, New Mexico, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Elephant Butte is 0.90%, which is slightly below the U.S. national median of 0.99%. Local government entities within Elephant Butte set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elephant Butte 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 Elephant Butte's effective property tax rate to other areas in New Mexico and the national median. For comparison, the zip code 87935 has both the highest and lowest median property tax rate of 0.90%. Understanding how these areas compare with Elephant Butte 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 Elephant Butte Tax Rate
0.90%
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 Elephant Butte, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87935 | 0.76% | 0.86% | 0.90% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Elephant Butte, New Mexico
In Elephant Butte, 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 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 Elephant Butte, 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 Elephant Butte helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the median home price is $81,117, with tax bills ranging from $221 at the 25th percentile to $1,807 at the 90th percentile. The highest and lowest median tax bill both stand at $608 in the 87935 zip code.
Property Tax Assessment Values Across Elephant Butte, New Mexico
Source: Ownwell
$16,624
$173,383
$330,141
Average Elephant Butte Assessed Value
$81,117
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 Elephant Butte, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87935 | $12,340 | $27,534 | $81,117 | $148,293 | $209,343 |
Source: Ownwell
Property Tax Bills Across Elephant Butte, New Mexico
In Elephant Butte, Sierra County, NM, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. The assessed value is a percentage of the property's market value, and this figure is then multiplied by the local tax rate to determine the annual tax bill. Various factors influence the assessed value, including property condition, location, and improvements made to the property. Homeowners in Elephant Butte face a range of property tax bills. For example, the 25th percentile tax bill is $221, while the 75th percentile tax bill is $1,260. Those at the 90th percentile can see tax bills as high as $1,807. The median home price in Elephant Butte is $81,117, and comparing this to the national median property tax rate of 0.99%, it becomes clear that local tax rates and property values significantly impact the final tax bill. Homeowners need to understand these factors to manage their tax liabilities effectively.
Average Elephant Butte Tax Bill
$608
Average Sierra County Tax Bill
$335
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Elephant Butte, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87935 | $89 | $221 | $608 | $1,260 | $1,807 |
Source: Ownwell