Paguate, New Mexico Property Taxes
The median property tax rate in Paguate, 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 Paguate at $22,500, the typical annual property tax bill is $266, which is significantly lower than the national median of $2,690. Property taxes in Paguate 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 Paguate'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 Paguate 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
Paguate, 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 Paguate Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Paguate with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Paguate 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 Paguate, New Mexico
Property taxes in Paguate, 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 Paguate is 0.94%, which is slightly below the U.S. national median of 0.99%. Local government entities within Paguate set these rates annually, and they can vary significantly across different neighborhoods. Each year, Paguate 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 Paguate's effective property tax rate to other regions in Cibola County and the national median. For comparison, the 87040 zip code has both the highest and the lowest median property tax rate of 0.94%. Understanding how these areas compare with Paguate 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 Paguate 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 Paguate, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87040 | 0.94% | 0.94% | 0.94% | 0.94% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Paguate, New Mexico
In Paguate, 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 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 Paguate, 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. 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 Paguate helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $266 in zip code 87040, reflecting the uniformity in property tax assessments within the area.
Average Paguate Assessed Value
$22,500
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 Paguate, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87040 | $17,878 | $19,611 | $22,500 | $25,388 | $27,122 |
Source: Ownwell
Property Tax Bills Across Paguate, New Mexico
In Paguate, located in Cibola County, NM, property tax bills are calculated based on the assessed value of the home and the local tax rate. The median home price in Paguate is $22,500. Property taxes are determined by applying the local tax rate to the assessed value, which can be influenced by factors such as property size, location, and market conditions. For homeowners in Paguate, the tax bill typically remains consistent, with the 25th, 75th, and 90th percentiles all seeing a tax bill of $266. This uniformity suggests a stable tax environment for residents. Compared to the national median property tax rate of 0.99%, Paguate's property tax rate is relatively lower, making it more affordable for homeowners. Understanding these factors is crucial for homeowners as it directly impacts their annual financial planning. Lower property taxes can make homeownership more accessible, while also affecting the overall cost of living in the area.
Average Paguate Tax Bill
$266
Average Cibola County Tax Bill
$449
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Paguate, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87040 | $266 | $266 | $266 | $266 | $266 |
Source: Ownwell