Cedar Crest, New Mexico Property Taxes
The median property tax rate in Cedar Crest, NM is 0.99%, aligning with the national median of 0.99% but higher than the New Mexico state median of 0.86%. With the median home value in Cedar Crest, the typical annual property tax bill reaches $2,479, which is just below the national median of $2,690. Property taxes in Cedar Crest are calculated based on the assessed value, which often falls below the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Cedar Crest'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 Cedar Crest or another part of Bernalillo County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cedar Crest, 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 Cedar Crest Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cedar Crest with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cedar Crest 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 Cedar Crest, New Mexico
Property taxes in Cedar Crest, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cedar Crest is 0.99%, which aligns with the U.S. national median of 0.99%. Local government entities within Cedar Crest set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cedar Crest 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. Understanding how Cedar Crest's effective property tax rate compares with other areas provides valuable insights into the varying tax landscape across Bernalillo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cedar Crest Tax Rate
0.99%
Average Bernalillo County Tax Rate
1.38%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cedar Crest, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87008 | 0.97% | 0.99% | 0.99% | 1.00% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Cedar Crest, New Mexico
In Cedar Crest, 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 Bernalillo 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 Cedar Crest, 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 Cedar Crest helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Cedar Crest are both $2479, found in zip code 87008.
Average Cedar Crest Assessed Value
$223,564
Average Bernalillo County Assessed Value
$164,969
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cedar Crest, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87008 | $7,480 | $99,054 | $223,564 | $299,491 | $366,349 |
Source: Ownwell
Property Tax Bills Across Cedar Crest, New Mexico
In Cedar Crest, located in Bernalillo County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The median home price in Cedar Crest is $223,564. The tax rate is applied to this assessed value to determine the annual property tax bill. Several factors influence the assessed value, including the property's market value, improvements, and any applicable exemptions. For homeowners in Cedar Crest, property tax bills can vary significantly. The 25th percentile tax bill is $1,895, while the 75th percentile reaches up to $3,260, and the 90th percentile can be as high as $3,859. This range demonstrates the variability based on property values and individual circumstances. The highest and lowest median tax bills both stand at $2,479, indicating some level of consistency within the zip code 87008. Understanding these factors is crucial for homeowners as property taxes directly impact annual expenses. Comparing Cedar Crest's property tax rates with the national median rate of 0.99% can provide further insights into local tax burdens.
Average Cedar Crest Tax Bill
$2,479
Average Bernalillo County Tax Bill
$2,460
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Cedar Crest, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87008 | $1,227 | $1,895 | $2,479 | $3,260 | $3,859 |
Source: Ownwell