Willard, New Mexico Property Taxes
The median property tax rate in Willard, NM is 0.87%, slightly below the national median of 0.99% but just above the New Mexico state median of 0.86%. With the median home value in Willard, the typical annual property tax bill is $68, significantly lower than the national median of $2,690. Property taxes in Willard are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Willard's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Willard 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
Willard, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$66
Ownwell’s Willard Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Willard with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Willard 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 Torrance County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Willard, New Mexico
Property taxes in Willard, 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 Willard is 0.87%, which is notably lower than the U.S. national median of 0.99%. Local government entities within Willard set these rates annually, and they can vary significantly across different neighborhoods. Each year, Willard 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 Willard's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 87063 has the highest median property tax rate of 0.87%, while the same zip code also has the lowest median tax rate of 0.87%. Understanding how these cities compare with Willard 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 Willard Tax Rate
0.87%
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 Willard, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87063 | 0.69% | 0.72% | 0.87% | 0.89% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Willard, New Mexico
In Willard, 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 Willard, 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. For example, the tax bill for properties in the 25th percentile is around $33, while those in the 90th percentile can expect to pay around $645. Being aware of these valuation processes in Willard helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Willard Assessed Value
$7,642
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 Willard, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87063 | $2,301 | $4,700 | $7,642 | $22,439 | $74,111 |
Source: Ownwell
Property Tax Bills Across Willard, New Mexico
In Willard, Torrance County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the property's market value. The median home price in Willard is $7,642, significantly lower than the national median. Property tax rates in this region are applied to the assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the local tax rate and any applicable exemptions or deductions. For example, homeowners in Willard may benefit from exemptions that reduce the taxable value of their property, thereby lowering their tax burden. The tax bill can vary widely; for instance, the 25th percentile tax bill is $33, while the 75th percentile tax bill reaches $277, and the 90th percentile goes up to $645. These variations highlight how individual property values and specific exemptions can significantly impact the amount homeowners owe, making it crucial for residents to understand their property assessments and potential tax relief options.
Average Willard Tax Bill
$68
Average Torrance County Tax Bill
$232
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Willard, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87063 | $14 | $33 | $68 | $277 | $645 |
Source: Ownwell