Mountainair, New Mexico Property Taxes
The median property tax rate in Mountainair, NM is 0.68%, considerably lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Mountainair at $64,746, the typical annual property tax bill reaches $465, significantly below the national median of $2,690. Property taxes in Mountainair are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mountainair'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 Mountainair 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
Mountainair, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$440
Ownwell’s Mountainair Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mountainair with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mountainair 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 Mountainair, New Mexico
Property taxes in Mountainair, 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 Mountainair is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Mountainair set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mountainair estimates its required budget to maintain services for the upcoming fiscal year. This budget is then divided 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 Mountainair's effective property tax rate to other areas in Torrance County and the national median. For comparison, the zip code 87036 has both the highest and lowest median property tax rate of 0.68%, identical to Mountainair's rate. Understanding how these areas compare with Mountainair 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 Mountainair Tax Rate
0.68%
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 Mountainair, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87036 | 0.54% | 0.66% | 0.68% | 0.81% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Mountainair, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Mountainair, 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 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 Mountainair, 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 Mountainair is $64,746, with tax bills ranging from $157 at the 25th percentile to $1,478 at the 90th percentile. The highest and lowest median tax bill in the area is $465, both found in the 87036 zip code. 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 Mountainair Assessed Value
$64,746
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 Mountainair, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87036 | $10,479 | $25,676 | $64,746 | $133,781 | $180,226 |
Source: Ownwell
Property Tax Bills Across Mountainair, New Mexico
In Mountainair, property tax bills are calculated based on the assessed value of a home, which is determined by the Torrance County Assessor's Office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $64,746, homeowners can expect varying tax bills depending on specific factors such as exemptions and local levies. The tax bill in Mountainair varies significantly across different percentiles. At the 25th percentile, homeowners might pay around $157, while those at the 75th percentile could see bills as high as $960. For the top 10% of property values, the tax bill can reach up to $1,478. The median tax bill across the area is $465, which is relatively modest compared to the national median property tax rate of 0.99%. These property taxes directly impact homeowners by influencing their overall housing costs and, in turn, their financial planning. Understanding how these bills are calculated helps homeowners better anticipate their annual expenses.
Average Mountainair Tax Bill
$465
Average Torrance County Tax Bill
$232
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Mountainair, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87036 | $74 | $157 | $465 | $960 | $1,478 |
Source: Ownwell