Cuervo, New Mexico Property Taxes
The median property tax rate in Cuervo, NM is 0.74%, which is notably lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Cuervo at $28,967, the typical annual property tax bill amounts to $214, significantly below the national median of $2,690. Property taxes in Cuervo are determined based on the tax assessed value, often less than the market value due to exemptions like those for primary residences and agricultural properties. Gaining a thorough understanding of Cuervo's property tax system, exploring available exemptions, and identifying potential reductions can result in substantial annual savings. Whether you're in the heart of Cuervo or elsewhere in the city, familiarizing yourself with the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Cuervo, New Mexico Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,720
Ownwell’s Cuervo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cuervo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cuervo 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 the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Cuervo, New Mexico
Property taxes in Cuervo, 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 Cuervo is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Cuervo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cuervo 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 Cuervo's effective property tax rate to other areas in New Mexico and the national median. For comparison, the zip code 88417 has both the highest and lowest median property tax rate of 0.74%. Understanding how these areas compare with Cuervo provides valuable insights into the varying tax landscape across Quay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cuervo Tax Rate
0.74%
Average Quay County Tax Rate
0.98%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cuervo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88417 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Cuervo, New Mexico
In Cuervo, 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 Quay 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 Cuervo, 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. For instance, the median home price in Cuervo is $28,967, with tax bills ranging from $144 at the 25th percentile to $325 at the 90th percentile. Notably, the highest and lowest median tax bills are both $214, found in the 88417 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 Cuervo Assessed Value
$28,967
Average Quay County Assessed Value
$31,267
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cuervo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88417 | $13,872 | $19,532 | $28,967 | $38,402 | $44,062 |
Source: Ownwell
Property Tax Bills Across Cuervo, New Mexico
In Cuervo, located in Quay County, NM, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and reflects a percentage of the property's market value. Factors such as the property's size, location, and condition are considered in this assessment. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For homeowners in Cuervo, the median home price is $28,967. Property tax bills can vary significantly, with the 25th percentile at $144 and the 75th percentile reaching $283. The 90th percentile tax bill can go up to $325. Despite these variations, the median tax bill in the highest and lowest zip codes within Cuervo is $214. This is considerably lower than the national median property tax rate of 0.99%, making Cuervo an attractive location for homeowners seeking lower property tax liabilities.
Average Cuervo Tax Bill
$214
Average Quay County Tax Bill
$307
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Cuervo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88417 | $102 | $144 | $214 | $283 | $325 |
Source: Ownwell