Cedarvale, New Mexico Property Taxes
The median property tax rate in Cedarvale, NM is 0.63%, considerably lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Cedarvale, the typical annual property tax bill reaches $433, significantly less than the national median of $2,690. Property taxes in Cedarvale are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cedarvale'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 Cedarvale or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cedarvale, 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 Cedarvale Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cedarvale with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cedarvale 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 Cedarvale, New Mexico
Property taxes in Cedarvale, 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 Cedarvale is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Cedarvale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cedarvale 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 Cedarvale's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87009 zip code has the highest median property tax rate of 0.63%, while the same zip code also has the lowest median tax rate of 0.63%. Understanding how these cities compare with Cedarvale provides valuable insights into the varying tax landscape across Torrance County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cedarvale Tax Rate
0.63%
Average Torrance County Tax Rate
0.80%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cedarvale, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87009 | 0.54% | 0.56% | 0.63% | 0.68% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Cedarvale, New Mexico
In Cedarvale, 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 Torrance 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 Cedarvale, 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. The median home price in Cedarvale is $61,690, with tax bills ranging from $283 at the 25th percentile to $2,608 at the 90th percentile. The highest and lowest median tax bills are both $433, found in the 87009 zip code. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cedarvale Assessed Value
$61,690
Average Torrance County Assessed Value
$24,245
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cedarvale, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87009 | $28,419 | $48,724 | $61,690 | $199,448 | $268,327 |
Source: Ownwell
Property Tax Bills Across Cedarvale, New Mexico
In Cedarvale, NM, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Cedarvale is $61,690. Local tax assessors evaluate properties to determine their assessed value, which is then multiplied by the local tax rate to calculate the tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Cedarvale can expect varying property tax bills. For example, the 25th percentile tax bill is $283, while the 75th percentile reaches $1,264. At the higher end, the 90th percentile tax bill can be as much as $2,608. These variations highlight how different factors can significantly impact the tax burden on homeowners. When compared to the national median property tax rate of 0.99%, Cedarvale's property tax bills reflect the unique economic and property value conditions of the region. Understanding these factors can help homeowners better anticipate their annual tax obligations and plan accordingly.
Average Cedarvale Tax Bill
$433
Average Torrance County Tax Bill
$232
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Cedarvale, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87009 | $113 | $283 | $433 | $1,264 | $2,608 |
Source: Ownwell