Lovington, Lea County, New Mexico Property Taxes
Median Lovington, NM effective property tax rate: 0.97%, significantly lower than the national median of 1.02%, but higher than the New Mexico state median of 0.86%.
Median Lovington, NM home value: $52,239
Median annual Lovington, NM tax bill: $490, $1,910 lower than the national median property tax bill of $2,400.
How are property taxes in Lea County calculated?
Property taxes in Lovington, 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 Lovington’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Lovington, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Lovington, Lea County, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.97%
Estimate Property Tax Bill
$507
$470
Property Tax Rates Across Lovington, Lea County, New Mexico
Local government entities are responsible for setting tax rates, which can differ significantly within a state. This is because each county estimates its required budget to provide essential services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. Although votes and laws play a role in setting tax rates and budgets, this is essentially the annual process.
Lovington in Lea County, New Mexico, offers an interesting case study in property tax rates. The effective property tax rate here is 0.97%, which is below the national median of 1.02%. This makes Lovington a relatively affordable place in terms of property taxes when compared to the national average. Additionally, the property tax rate in Lovington aligns with the median rate for New Mexico, making it representative of the state’s overall tax environment.
Comparing Lovington’s effective property tax rate to other cities in New Mexico and the U.S. offers valuable insights for homeowners and potential buyers. Understanding these differences can help in making informed decisions about property investments and financial planning.
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 Lovington Tax Rate
0.97%
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 Lea County Tax Rate
0.89%
Median Effective New Mexico Tax Rate
0.86%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Lovington, Lea County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88260 | 0.75% | 0.89% | 0.97% | 1.01% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Lovington, Lea County, New Mexico
When examining property taxes in Lovington, 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 Lea County appraisal district 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. This 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 Lea 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 Lovington. For example, the median home price in Lovington is $52,239, with tax bills ranging significantly across the county. 88260 has the highest median home price at $52,239.
Property Tax Assessment Values Across Lovington, Lea County, New Mexico
Source: Ownwell
$34,002
$64,136
$94,269
Median Lovington Market Value
$52,239
Median Lea County Market Value
$54,759
Median New Mexico Market Value
$121,540
Median United States Market Value
$235,294
Property Tax Assessment Values Across Lovington, Lea County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88260 | $8,300 | $22,956 | $52,239 | $108,886 | $186,596 |
Source: Ownwell
Property Tax Bills Across Lovington, Lea County, New Mexico
Median Lovington Tax Bill
$490
Median Lea County Tax Bill
$468
Median New Mexico Tax Bill
$1,192
Median United States Tax Bill
$2,400
Property Tax Bills Across Lovington, Lea County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88260 | $73 | $203 | $490 | $1,062 | $1,825 |
Source: Ownwell