Silver City, New Mexico Property Taxes
The median property tax rate in Silver City, NM is 0.81%, 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 $64,971 in Silver City, the typical annual property tax bill amounts to $525, significantly below the national median of $2,690. Property taxes in Silver City are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Silver City'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 Silver City 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
Silver City, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$526
Ownwell’s Silver City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Silver City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Silver City 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 Silver City, New Mexico
Property taxes in Silver City, 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 Silver City is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Silver City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Silver City 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 Silver City's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 88061 zip code has both the highest and lowest median property tax rate of 0.81%. Understanding how these cities compare with Silver City 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 Silver City Tax Rate
0.81%
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 Silver City, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88061 | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Silver City, New Mexico
In Silver City, 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. 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 Silver City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Silver City are both $525, found in the zip code 88061.
Average Silver City Assessed Value
$64,971
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 Silver City, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88061 | $64,971 | $64,971 | $64,971 | $64,971 | $64,971 |
Source: Ownwell
Property Tax Bills Across Silver City, New Mexico
In Silver City, located in Sierra County, NM, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and reflects a percentage of the property's market value. For homeowners in Silver City, the median home price is $64,971. The property tax rate in this area is applied to the assessed value to determine the annual tax bill. In Silver City, the property tax bills are notably consistent, with the 25th, 75th, and 90th percentiles all at $525. This uniformity suggests a stable property tax environment, which can be beneficial for homeowners when planning their finances. Compared to the national median property tax rate of 0.99%, Silver City's tax rate provides an affordable option for residents. Understanding how property taxes are calculated helps homeowners anticipate their annual expenses and manage their budgets more effectively. This predictability can contribute to a more stable financial situation for property owners in Silver City.
Average Silver City Tax Bill
$525
Average Sierra County Tax Bill
$335
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Silver City, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88061 | $525 | $525 | $525 | $525 | $525 |
Source: Ownwell