Cubero, New Mexico Property Taxes
The median property tax rate in Cubero, NM is 0.94%, slightly below the national median of 0.99% but higher than the New Mexico state median of 0.86%. With the median home value in Cubero at $31,607, the typical annual property tax bill amounts to $267, which is significantly lower than the national median of $2,690. Property taxes in Cubero are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Cubero'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 Cubero or another part of Cibola County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cubero, 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 Cubero Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cubero with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cubero 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 Cubero, New Mexico
Property taxes in Cubero, New Mexico, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cubero is 0.94%, slightly below the U.S. national median of 0.99%. Local government entities within Cubero set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cubero 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 Cubero's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87014 zip code has the highest median property tax rate of 0.94%, while the same zip code also has the lowest median tax rate of 0.94%. Understanding how these areas compare with Cubero provides valuable insights into the varying tax landscape across Cibola County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cubero Tax Rate
0.94%
Average Cibola County Tax Rate
0.98%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cubero, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87014 | 0.69% | 0.93% | 0.94% | 0.97% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Cubero, New Mexico
In Cubero, New Mexico, understanding the difference between "market value" and "assessed value" is essential 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 such as location, property condition, and economic trends. This value is estimated by the Cibola County Assessor's Office 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 Cubero, 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 Cubero is $31,607, with tax bills ranging from $97 at the 25th percentile to $1,004 at the 90th percentile. The highest and lowest median tax bills are both $267, found in the zip code 87014. 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 in Cubero helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cubero Assessed Value
$31,607
Average Cibola County Assessed Value
$45,831
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cubero, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87014 | $4,679 | $12,391 | $31,607 | $66,067 | $106,861 |
Source: Ownwell
Property Tax Bills Across Cubero, New Mexico
In Cubero, Cibola County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is typically a percentage of the market value of the property. For instance, with a median home price of $31,607, the property tax rate is applied to this assessed value to determine the tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Cubero can expect to pay varying amounts depending on these factors. For example, the 25th percentile tax bill is around $97, while at the 75th percentile, it's approximately $616. Those at the 90th percentile might see tax bills as high as $1,004. Comparatively, the median property tax rate in Cubero is significantly lower than the national median property tax rate of 0.99%. This lower tax rate can be beneficial for homeowners, making property ownership more affordable in this region.
Average Cubero Tax Bill
$267
Average Cibola County Tax Bill
$449
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Cubero, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87014 | $36 | $97 | $267 | $616 | $1,004 |
Source: Ownwell