T Or C, New Mexico Property Taxes
The median property tax rate in T OR C, 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 $16,624 in T OR C, the typical annual property tax bill is $115, significantly below the national median of $2,690. Property taxes in T OR C are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding T OR C'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 T OR C 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
T Or C, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$135
Ownwell’s T OR C Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in T OR C with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in T OR C 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 T Or C, New Mexico
Property taxes in T OR C, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in T OR C is 0.81%, lower than the U.S. national median of 0.99%. Local government entities within T OR C set these rates annually, and they can vary significantly across different neighborhoods. Each year, T OR C 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 T OR C's effective property tax rate to other areas in Sierra County and the national median. For comparison, the 87901 zip code has the highest median property tax rate of 0.81%, while the 87901 zip code also has the lowest median tax rate of 0.81%. Understanding how these areas compare with T OR C 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 T Or C 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 T Or C, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87901 | 0.39% | 0.73% | 0.81% | 0.81% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across T Or C, New Mexico
In T OR C, 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 T OR C, 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 T OR C is $16,624, with tax bills ranging from $64 at the 25th percentile to $535 at the 90th percentile. The zip code 87901 has both the highest and lowest median tax bill, at $115. 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 T Or C Assessed Value
$16,624
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 T Or C, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87901 | $5,386 | $12,514 | $16,624 | $49,659 | $65,216 |
Source: Ownwell
Property Tax Bills Across T Or C, New Mexico
In T OR C, Sierra County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in T OR C, the property tax rate is relatively low compared to the national median of 0.99%. The median home price is $16,624, leading to a median tax bill of $115. Depending on the value of the home, tax bills can vary significantly. For instance, the 25th percentile tax bill is $64, while the 75th percentile tax bill is $149. The highest tax bills, in the 90th percentile, can reach up to $535. These property taxes fund essential services such as public schools, infrastructure, and emergency services. Homeowners benefit from these services, which can enhance the quality of life in the community. However, the tax burden can vary, impacting homeowners differently based on their property's assessed value.
Average T Or C Tax Bill
$115
Average Sierra County Tax Bill
$335
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across T Or C, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87901 | $49 | $64 | $115 | $149 | $535 |
Source: Ownwell