Hope, Eddy County, New Mexico Property Taxes
Median HOPE, NM effective property tax rate: 0.65%, significantly lower than the national median of 1.02%, but lower than the New Mexico state median of 0.86%.
Median HOPE, NM home value: $17,628
Median annual HOPE, NM tax bill: $125, $2,275 lower than the national median property tax bill of $2,400.
How are property taxes in Eddy calculated?
Property taxes in HOPE, NM are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding HOPE’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in HOPE, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Hope, Eddy County, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.65%
Estimate Property Tax Bill
$115
$106
Property Tax Rates Across Hope, Eddy County, New Mexico
Local government entities set tax rates, which can vary widely within a state. Annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Hope’s effective property tax rate to other cities in New Mexico and the median property tax rates in New Mexico and the U.S.
In Hope, located in Eddy County, the median property tax rate stands at 0.65%. This rate is notably lower than the national median property tax rate of 1.02%. This means that homeowners in Hope enjoy relatively lower property tax bills compared to the national average, making it an attractive location for property buyers. Additionally, the consistency of the property tax rate across the region ensures predictability for homeowners when planning their finances. Overall, Hope offers a favorable property tax environment, especially when compared to other regions across the country.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Hope Tax Rate
0.65%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Eddy County Tax Rate
0.67%
Median Effective New Mexico Tax Rate
0.86%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Hope, Eddy County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88250 | 0.44% | 0.53% | 0.65% | 0.68% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Hope, Eddy County, New Mexico
When examining property taxes in Hope, NM, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Eddy County Assessor estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Eddy County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Hope. For example, the median home price in Hope is $17,628, with tax bills ranging significantly across the county. Zip code 88250 has the highest median home price at $17,628.
Property Tax Assessment Values Across Hope, Eddy County, New Mexico
Source: Ownwell
$17,628
$103,055
$188,482
Median Hope Market Value
$17,628
Median Eddy County Market Value
$48,197
Median New Mexico Market Value
$121,540
Median United States Market Value
$235,294
Property Tax Assessment Values Across Hope, Eddy County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88250 | $2,490 | $4,696 | $17,628 | $53,810 | $122,996 |
Source: Ownwell
Property Tax Bills Across Hope, Eddy County, New Mexico
In Hope, located in Eddy 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 reflects a percentage of the market value of the property. Homeowners in Hope face a median property tax bill of $125, significantly lower than the national median of $2,400. This low tax bill can be attributed to the relatively modest median home price of $17,628 in the area. However, tax bills can vary, with the 25th percentile at $40 and the 90th percentile reaching up to $812.
Factors influencing tax bills include property size, location, and improvements made to the property. While Hope's property taxes are generally low, homeowners can still benefit from appealing their assessed values to ensure they are not overpaying. Ownwell offers expert property tax appeal services, helping homeowners potentially reduce their tax bills by identifying discrepancies in assessed values and guiding them through the appeal process. With Ownwell's assistance, homeowners can achieve fair property tax assessments and enjoy additional savings.
Median Hope Tax Bill
$125
Median Eddy County Tax Bill
$355
Median New Mexico Tax Bill
$1,192
Median United States Tax Bill
$2,400
Property Tax Bills Across Hope, Eddy County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88250 | $16 | $40 | $125 | $355 | $812 |
Source: Ownwell