Torreon, New Mexico Property Taxes
The median property tax rate in Torreon, NM is 0.74%, 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 Torreon at $99,364, the typical annual property tax bill amounts to $744, significantly below the national median of $2,690. Property taxes in Torreon are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Torreon’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 Torreon 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
Torreon, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$735
Ownwell’s Torreon Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Torreon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Torreon to provide an accurate property tax bill estimate. This easy-to-use tool helps you understand your potential tax liabilities, ensuring you are well-prepared for any financial obligations. For those interested in more granular insights, scroll down to explore neighborhood-level trends and data. Your property’s assessed value is determined by the county for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Torreon, New Mexico
Property taxes in Torreon, New Mexico, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Torreon is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Torreon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Torreon 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 Torreon's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87061 zip code has both the highest and lowest median property tax rate of 0.74%. Understanding how these areas compare with Torreon 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 Torreon Tax Rate
0.74%
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 Torreon, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87061 | 0.70% | 0.73% | 0.74% | 0.75% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Torreon, New Mexico
In Torreon, 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'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 Torreon, 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. For instance, the median home price in Torreon is $99,364, with tax bills ranging from $385 at the 25th percentile to $1,358 at the 90th percentile. The zip code 87061 has the highest and lowest median tax bill of $744. 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 Torreon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Torreon Assessed Value
$99,364
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 Torreon, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87061 | $31,012 | $57,246 | $99,364 | $130,246 | $185,222 |
Source: Ownwell
Property Tax Bills Across Torreon, New Mexico
In Torreon, located in Torrance County, NM, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and is typically a percentage of the market value of the property. For example, with a median home price of $99,364, homeowners can expect their tax bill to fall within a range, influenced by various factors such as property size, location, and condition. The 25th percentile tax bill in Torreon is $385, while the 75th percentile tax bill reaches $972. For those at the higher end, the 90th percentile tax bill is $1,358. These variations highlight how different property characteristics and valuations impact the final tax amount. Compared to the national median property tax rate of 0.99%, Torreon's property tax rates can provide homeowners with a relatively affordable tax burden. Understanding these factors helps homeowners anticipate their annual property tax expenses and manage their finances more effectively.
Average Torreon Tax Bill
$744
Average Torrance County Tax Bill
$232
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Torreon, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87061 | $215 | $385 | $744 | $972 | $1,358 |
Source: Ownwell