Truth Or Consequences, New Mexico Property Taxes
The median property tax rate in Truth or Consequences, NM is 0.79%, which is lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Truth or Consequences at $49,846, the typical annual property tax bill is $375, significantly less than the national median of $2,690. Property taxes in Truth or Consequences are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Truth or Consequences' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Truth or Consequences 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
Truth Or Consequences, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$394
$365
Ownwell’s Truth or Consequences Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Truth or Consequences with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Truth or Consequences 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 Truth Or Consequences, New Mexico
Property taxes in Truth or Consequences, 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 Truth or Consequences is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Truth or Consequences set these rates annually, and they can vary significantly across different neighborhoods. Each year, Truth or Consequences 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 rates compare within Sierra County provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Truth Or Consequences Tax Rate
0.79%
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 Truth Or Consequences, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87901 | 0.68% | 0.76% | 0.79% | 0.81% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Truth Or Consequences, New Mexico
In Truth or Consequences, 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 Assessor's Office 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 Truth or Consequences, 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 Truth or Consequences helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $375, found in the 87901 zip code.
Property Tax Assessment Values Across Truth Or Consequences, New Mexico
Source: Ownwell
$16,624
$173,383
$330,141
Average Truth Or Consequences Assessed Value
$49,846
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 Truth Or Consequences, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87901 | $5,577 | $16,974 | $49,846 | $94,241 | $150,856 |
Source: Ownwell
Property Tax Bills Across Truth Or Consequences, New Mexico
In Truth or Consequences, located in Sierra County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Once the assessed value is established, local tax rates, which are set by various taxing authorities, are applied to calculate the final tax bill. For homeowners, this means that the tax bill can vary significantly depending on the assessed value of their property and the specific tax rates in their area. In Truth or Consequences, the median home price is $49,846. Property tax bills can range widely, from the 25th percentile at $123 to the 90th percentile at $1,172. The highest median tax bill in the area is $375, which is significantly lower than the national median property tax rate of 0.99%. This relatively low tax burden can be beneficial for homeowners, making it more affordable to own property in this region.
Average Truth Or Consequences Tax Bill
$375
Average Sierra County Tax Bill
$335
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Truth Or Consequences, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87901 | $42 | $123 | $375 | $724 | $1,172 |
Source: Ownwell