Hillsboro, New Mexico Property Taxes
The median property tax rate in Hillsboro, NM, is 0.76%, which is lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With a median home value of $104,232 in Hillsboro, the typical annual property tax bill amounts to $767, significantly below the national median of $2,690. Property taxes in Hillsboro are calculated based on the assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Hillsboro'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 Hillsboro or another part of Sierra County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hillsboro, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$792
$735
Ownwell’s Hillsboro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hillsboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hillsboro 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 Hillsboro, New Mexico
Property taxes in Hillsboro, 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 Hillsboro is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Hillsboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hillsboro 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. Understanding how these cities compare with Hillsboro 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 Hillsboro 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 Hillsboro, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88042 | 0.70% | 0.73% | 0.76% | 0.76% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Hillsboro, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hillsboro, 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 Hillsboro, 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 Hillsboro is $104,232, with tax bills ranging from $464 at the 25th percentile to $2,280 at the 90th percentile. The zip code 88042 has both the highest and lowest median tax bill, which is $767. Being aware of these valuation processes in Hillsboro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hillsboro Assessed Value
$104,232
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 Hillsboro, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88042 | $34,074 | $61,200 | $104,232 | $177,972 | $302,243 |
Source: Ownwell
Property Tax Bills Across Hillsboro, New Mexico
In Hillsboro, Sierra County, NM, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Hillsboro is $104,232. Property taxes are then determined by applying the local tax rate to this assessed value. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions or deductions. For homeowners, the tax bill can vary significantly. The 25th percentile tax bill is around $464, while the 75th percentile reaches up to $1,356, and the 90th percentile can be as high as $2,280. This variation demonstrates the impact of different property values and tax rates within the area. Compared to the national median property tax rate of 0.99%, Hillsboro's property taxes reflect the specific economic and governmental factors at play locally. Understanding these nuances helps homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Hillsboro Tax Bill
$767
Average Sierra County Tax Bill
$335
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Hillsboro, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88042 | $251 | $464 | $767 | $1,356 | $2,280 |
Source: Ownwell