Cleveland, New Mexico Property Taxes
The median property tax rate in Cleveland, NM is 0.56%, 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 Cleveland, the typical annual property tax bill reaches $77, significantly below the national median of $2,690. Property taxes in Cleveland 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 Cleveland'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 Cleveland or another part of Mora County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cleveland, 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 Cleveland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cleveland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cleveland 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 Cleveland, New Mexico
Property taxes in Cleveland, 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 Cleveland is 0.56%, which is lower than the U.S. national median of 0.99%. Local government entities within Cleveland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cleveland 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 Cleveland's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87715 zip code has the highest median property tax rate of 0.56%, while the 87715 zip code also has the lowest median tax rate of 0.56%. Understanding how these cities compare with Cleveland provides valuable insights into the varying tax landscape across Mora County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cleveland Tax Rate
0.56%
Average Mora County Tax Rate
0.58%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cleveland, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87715 | 0.17% | 0.52% | 0.56% | 0.58% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Cleveland, New Mexico
In Cleveland, 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 Mora 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 Cleveland, 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 Cleveland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Cleveland is $18,564, with annual tax bills ranging from $27 at the 25th percentile to $697 at the 90th percentile.
Average Cleveland Assessed Value
$18,564
Average Mora County Assessed Value
$61,740
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cleveland, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87715 | $3,606 | $5,637 | $18,564 | $74,896 | $125,952 |
Source: Ownwell
Property Tax Bills Across Cleveland, New Mexico
In Cleveland, located in Mora County, NM, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate the property’s market value and apply an assessment ratio. Homeowners in Cleveland face a median property tax bill that reflects a combination of factors, including the property’s location, size, and condition. For instance, the median home price in Cleveland is $18,564. Property tax bills can vary significantly, with those in the 25th percentile paying around $27, while those in the 75th percentile see bills closer to $415. At the higher end, the 90th percentile tax bill reaches approximately $697. These variations illustrate how different factors such as property improvements, neighborhood changes, and local tax rates can impact the final tax bill. Compared to the national median property tax rate of 0.99%, Cleveland's rates can be relatively modest, but they still represent a crucial expense for homeowners. Understanding these factors can help residents better anticipate their annual property tax obligations and plan their finances accordingly.
Average Cleveland Tax Bill
$77
Average Mora County Tax Bill
$365
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Cleveland, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87715 | $7 | $27 | $77 | $415 | $697 |
Source: Ownwell