Clines Corners, New Mexico Property Taxes
The median property tax rate in Clines Corners, NM is 0.80%, which is notably lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Clines Corners at $19,955, the typical annual property tax bill is around $159, significantly below the national median of $2,690. Property taxes in Clines Corners are calculated based on the assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Clines Corners' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Clines Corners or elsewhere in the area, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Clines Corners, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$160
$148
Ownwell’s Clines Corners Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Clines Corners with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Clines Corners to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed neighborhood trends, you can find localized information by scrolling down. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Clines Corners, New Mexico
Property taxes in Clines Corners, New Mexico, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Clines Corners is 0.80%, which is lower than the U.S. national median of 0.99%. Local government entities within Clines Corners set these rates annually, and they can vary significantly across different neighborhoods. Each year, Clines Corners 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 Clines Corners' effective property tax rate to other areas in New Mexico and the national median. For comparison, the 87070 zip code has the highest median property tax rate of 0.80%, while the 87070 zip code also has the lowest median tax rate of 0.80%. Understanding how these areas compare with Clines Corners provides valuable insights into the varying tax landscape across Torrance County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Clines Corners Tax Rate
0.80%
Average Torrance County Tax Rate
0.80%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Clines Corners, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87070 | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Clines Corners, New Mexico
In Clines Corners, 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 Torrance County Assessor 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 Clines Corners, 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 Clines Corners helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price is $19,955, with the highest and lowest median tax bills both being $159 in the 87070 zip code.
Property Tax Assessment Values Across Clines Corners, New Mexico
Source: Ownwell
$7,642
$54,015
$100,387
Average Clines Corners Assessed Value
$19,955
Average Torrance County Assessed Value
$24,245
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Clines Corners, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87070 | $11,493 | $19,271 | $19,955 | $21,296 | $21,296 |
Source: Ownwell
Property Tax Bills Across Clines Corners, New Mexico
In Clines Corners, located in Torrance 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 represents a percentage of the property's market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and condition can influence the assessed value, thereby impacting the tax bill. For homeowners in Clines Corners, the median home price is $19,955. The property tax bill for the 25th percentile is $154, while the 75th and 90th percentiles both have tax bills of $170. This indicates a relatively narrow range in tax bills within the area, reflecting the consistency in property values. Compared to the national median property tax rate of 0.99%, Clines Corners offers a more affordable tax scenario, which can be a significant advantage for homeowners looking to manage their annual expenses effectively.
Average Clines Corners Tax Bill
$159
Average Torrance County Tax Bill
$232
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Clines Corners, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87070 | $92 | $154 | $159 | $170 | $170 |
Source: Ownwell