Cliff, New Mexico Property Taxes
The median property tax rate in Cliff, NM is 0.53%, 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 Cliff, the typical annual property tax bill reaches $559, significantly below the national median of $2,690. Property taxes in Cliff 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 Cliff'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 Cliff 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
Cliff, 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 CLIFF Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in CLIFF with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in CLIFF 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 Cliff, New Mexico
Property taxes in Cliff, 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 Cliff is 0.53%, significantly lower than the U.S. national median of 0.99%. Local government entities within Cliff set these rates annually, and they can vary across different neighborhoods. Each year, Cliff 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 Cliff's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 88028 has both the highest and lowest median property tax rate of 0.53%. Understanding how these areas compare with Cliff provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cliff Tax Rate
0.53%
Average Grant County Tax Rate
0.60%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cliff, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88028 | 0.49% | 0.50% | 0.53% | 0.58% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across Cliff, New Mexico
In Cliff, 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 Grant County Appraisal District 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 Cliff, 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 Cliff helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Cliff is $96,403, with the highest and lowest median tax bills both being $559 in the zip code 88028.
Average Cliff Assessed Value
$96,403
Average Grant County Assessed Value
$54,932
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cliff, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88028 | $8,474 | $26,494 | $96,403 | $190,418 | $257,422 |
Source: Ownwell
Property Tax Bills Across Cliff, New Mexico
In the city of Cliff, located in Grant County, NM, property tax bills are calculated based on the assessed value of a home and the applicable tax rate. The median home price in Cliff is $96,403. Property taxes are determined by multiplying the assessed value by the local tax rate, which is influenced by factors such as property location, local government budgets, and services funded by these taxes. For homeowners in Cliff, the tax bill can vary significantly. The 25th percentile tax bill is around $185, while those in the 75th percentile pay approximately $1,089. At the higher end, the 90th percentile tax bill reaches up to $1,440. These variations can impact homeowners differently, particularly when compared to the national median property tax rate of 0.99%. Understanding these factors helps homeowners in Cliff better anticipate their annual tax obligations and manage their finances accordingly.
Average Cliff Tax Bill
$559
Average Grant County Tax Bill
$356
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Cliff, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88028 | $49 | $185 | $559 | $1,089 | $1,440 |
Source: Ownwell