Cerrillos, New Mexico Property Taxes
The median property tax rate in Cerrillos, NM is 0.55%, significantly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Cerrillos at $230,143, the typical annual property tax bill amounts to $1,138, which is well below the national median of $2,690. Property taxes in Cerrillos are calculated based on the tax assessed value, generally lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cerrillos' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Cerrillos 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
Cerrillos, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$1,266
Ownwell’s Cerrillos Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cerrillos with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cerrillos 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 Cerrillos, New Mexico
Property taxes in Cerrillos, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cerrillos is 0.55%, significantly lower than the U.S. national median of 0.99%. Local government entities within Cerrillos set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cerrillos 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 Cerrillos's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87010 zip code has the highest median property tax rate of 0.55%, while the same zip code also has the lowest median tax rate of 0.55%. Understanding how these cities compare with Cerrillos provides valuable insights into the varying tax landscape across Santa Fe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cerrillos Tax Rate
0.55%
Average Santa Fe County Tax Rate
0.55%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cerrillos, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87010 | 0.32% | 0.46% | 0.55% | 0.63% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Cerrillos, New Mexico
In Cerrillos, 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 Santa Fe 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 Cerrillos, 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 Cerrillos helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 87010 has the highest and lowest median tax bill at $1,138.
Average Cerrillos Assessed Value
$230,143
Average Santa Fe County Assessed Value
$365,234
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cerrillos, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87010 | $48,711 | $129,378 | $230,143 | $399,507 | $644,789 |
Source: Ownwell
Property Tax Bills Across Cerrillos, New Mexico
In Cerrillos, property tax bills are calculated based on the assessed value of the property, which is determined by the Santa Fe County Assessor's Office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Various factors, including property size, location, and market conditions, influence the assessed value. For homeowners, understanding these factors is crucial as they directly impact their annual tax obligations. The median home price in Cerrillos is $230,143, which provides a baseline for estimating property taxes. Homeowners in the 25th percentile can expect a tax bill around $604, while those in the 75th percentile might see bills closer to $1,955. For the top 10% of properties, tax bills can reach up to $3,635. Compared to the national median property tax rate of 0.99%, the property tax rates in Cerrillos can vary significantly, affecting homeowners differently depending on their property's assessed value.
Average Cerrillos Tax Bill
$1,138
Average Santa Fe County Tax Bill
$1,886
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Cerrillos, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87010 | $238 | $604 | $1,138 | $1,955 | $3,635 |
Source: Ownwell