Prewitt, New Mexico Property Taxes
The median property tax rate in Prewitt, NM is 0.95%, 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 Prewitt at $26,137, the typical annual property tax bill is $241, which is significantly lower than the national median of $2,690. Property taxes in Prewitt are calculated based on the tax assessed value, often lower than the market value due to various exemptions, including primary residence and agricultural exemptions. Understanding Prewitt'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 Prewitt 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
Prewitt, 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 Prewitt Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prewitt with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prewitt 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 Prewitt, New Mexico
Property taxes in Prewitt, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Prewitt is 0.95%, slightly below the U.S. national median of 0.99%. Local government entities within Prewitt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prewitt 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 Prewitt's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87045 zip code has both the highest and lowest median property tax rate of 0.95%. Understanding how these cities compare with Prewitt 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 Prewitt Tax Rate
0.95%
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 Prewitt, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87045 | 0.75% | 0.94% | 0.95% | 0.95% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Prewitt, New Mexico
In Prewitt, 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 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 Prewitt, 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 Prewitt helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with the highest and lowest median tax bill is 87045, both at $241.
Average Prewitt Assessed Value
$26,137
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 Prewitt, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87045 | $6,970 | $11,712 | $26,137 | $36,960 | $56,624 |
Source: Ownwell
Property Tax Bills Across Prewitt, New Mexico
In Prewitt, located in Cibola County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to establish the annual tax bill. Factors such as property size, location, and market conditions influence the assessed value. Homeowners in Prewitt experience varied tax bills. For example, the 25th percentile tax bill is around $109, while the 75th percentile reaches $338, and the 90th percentile can go up to $518. These figures highlight the range of property tax obligations depending on the value of the property. The median home price in Prewitt is $26,137, which is significantly lower than the national median home price, contributing to relatively modest property tax bills when compared to the national median property tax rate of 0.99%. Understanding how these factors interplay helps homeowners anticipate their financial responsibilities and manage their budgets effectively.
Average Prewitt Tax Bill
$241
Average Cibola County Tax Bill
$449
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Prewitt, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87045 | $66 | $109 | $241 | $338 | $518 |
Source: Ownwell