Delaware vs New Mexico
Property Tax Comparison: Delaware vs. New Mexico
Intro
Both Delaware and New Mexico levy property taxes that fund local services such as schools, roads, and public safety. According to the U.S. Census Bureau's 2023 American Community Survey (5‑year estimates), Delaware’s effective property tax rate is lower than New Mexico’s, resulting in lower annual tax bills for comparable home values. The following sections present the key metrics side by side, identify which state has the lower rate, and outline the types of buyers for whom this information may be most relevant.
Side‑by‑Side Metrics
| Metric | Delaware | New Mexico |
|---|---|---|
| Effective property tax rate | 0.53 % | 0.72 % |
| Median home value | $326,800 | $232,200 |
| Median annual property tax | $1,731 | $1,669 |
| Property tax on a $250,000 home | $1,324 | $1,797 |
| Property tax on a $500,000 home | $2,649 | $3,594 |
| Median household income | $82,855 | $62,125 |
| Internal link | Delaware property tax | New Mexico property tax |
Who Wins?
- Winner (lower tax rate): Delaware
- Rate difference: 0.19 percentage points, which is a 26.31 % lower effective rate than New Mexico’s (0.53 % vs. 0.72 %).
- Annual tax difference on a $250,000 home: $473 (Delaware $1,324 vs. New Mexico $1,797).
- Annual tax difference on a $500,000 home: $945 (Delaware $2,649 vs. New Mexico $3,594).
Why Delaware wins
Based on the most recent ACS estimates, Delaware’s effective property tax rate (0.53 %) is lower than New Mexico’s (0.72 %). Because the rate is applied to the assessed value of the property, a lower rate yields a smaller tax bill for any given home price. The calculations above show that homeowners would pay roughly $473–$945 less per year in Delaware than in New Mexico for homes priced at $250 k–$500 k.
Who Might Benefit Most from This Comparison?
| Audience | Relevance |
|---|---|
| Current or prospective homeowners | Understanding the ongoing cost of property ownership helps in budgeting and evaluating overall affordability. |
| Retirees | Fixed‑income retirees often prioritize low recurring expenses; a lower property tax rate can reduce the cost of maintaining a primary residence. |
| Real‑estate investors | Investors compare tax burdens across states to assess net rental yields or total cost of ownership. |
| Relocating families | Families moving for work or lifestyle reasons can factor property tax differences into their total cost‑of‑living analysis. |
| Policy analysts | The data provide a baseline for comparing fiscal policies that affect local government revenue and taxpayer burden. |
Summary
According to the U.S. Census Bureau data, Delaware’s effective property tax rate of 0.53 % is lower than New Mexico’s 0.72 %, resulting in lower annual property tax payments for comparable home values. The difference is most pronounced for higher‑valued homes, where Delaware homeowners would pay roughly $945 less per year on a $500,000 property. This information is particularly useful for homeowners, retirees, investors, and anyone evaluating the long‑term cost of owning real estate in either state.
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Data Source
All figures are drawn from the U.S. Census Bureau's 2023 American Community Survey (5‑year estimates). This comprehensive dataset provides reliable, standardized property tax information across all states.