Ocate, New Mexico Property Taxes
The median property tax rate in Ocate, NM is 0.58%, significantly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Ocate at $72,495, the typical annual property tax bill is $418, well below the national median of $2,690. Property taxes in Ocate are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Ocate'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 Ocate or another part of Mora County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ocate, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$420
Ownwell’s Ocate Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ocate with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ocate 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 Mora County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Ocate, New Mexico
Property taxes in Ocate, 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 Ocate is 0.58%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Ocate set these rates annually, and they can vary across different neighborhoods. Each year, Ocate 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 Ocate's effective property tax rate to other areas in New Mexico and the national median. For comparison, the zip code 87734 has both the highest and lowest median property tax rate of 0.58%, illustrating the uniformity of tax rates within this region. Understanding how these areas compare with Ocate provides valuable insights into the varying tax landscape across Mora County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ocate Tax Rate
0.58%
Average Mora County Tax Rate
0.58%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ocate, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87734 | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Ocate, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Ocate, New Mexico. 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 Mora County Appraisal District 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. Assessment notices in Ocate 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. Ocate has a median home price of $72,495, with the estimated tax bill being $418 for the 25th, 75th, and 90th percentiles. The highest and lowest median tax bills are both $418, found in the 87734 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ocate Assessed Value
$72,495
Average Mora County Assessed Value
$61,740
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ocate, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87734 | $72,495 | $72,495 | $72,495 | $72,495 | $72,495 |
Source: Ownwell
Property Tax Bills Across Ocate, New Mexico
In Ocate, located in Mora 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 is a percentage of the property's market value. For homeowners in Ocate, the median home price is $72,495. The county then applies the property tax rate to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. In Ocate, the median property tax bill stands at $418, which is significantly lower than the national median property tax rate of 0.99%. This relatively low tax burden can be attributed to the lower home values in the area. Homeowners in Ocate benefit from these lower tax rates, which can make homeownership more affordable compared to other regions with higher property taxes. Understanding how these factors interplay is crucial for homeowners planning their finances and long-term investments.
Average Ocate Tax Bill
$418
Average Mora County Tax Bill
$365
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Ocate, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87734 | $418 | $418 | $418 | $418 | $418 |
Source: Ownwell