Fence Lake, Cibola County, New Mexico Property Taxes
The median property tax rate in Fence Lake, NM is 0.63%, 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 Fence Lake at $40,712, the typical annual property tax bill reaches $299, significantly below the national median of $2,690. Property taxes in Fence Lake 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 Fence Lake'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 Fence Lake 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
Fence Lake, Cibola County, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$256
$238
Ownwell’s Fence Lake Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Fence Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fence Lake 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 Fence Lake, Cibola County, New Mexico
Property taxes in Fence Lake, New Mexico, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fence Lake is 0.63%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Fence Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fence Lake 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 Fence Lake's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 87315 has the highest median property tax rate of 0.63%, while the lowest median tax rate is also 0.63% in the same zip code. Understanding how these areas compare with Fence Lake 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 Fence Lake Tax Rate
0.63%
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 Fence Lake, Cibola County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87315 | 0.50% | 0.62% | 0.63% | 0.91% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Fence Lake, Cibola County, New Mexico
In Fence Lake, 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 Fence Lake, 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 Fence Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $40,712, with the median tax bill ranging from $97 at the 25th percentile to $1,162 at the 90th percentile.
Property Tax Assessment Values Across Fence Lake, Cibola County, New Mexico
Source: Ownwell
$25,925
$63,601
$101,276
Average Fence Lake Assessed Value
$40,712
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 Fence Lake, Cibola County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87315 | $4,890 | $15,492 | $40,712 | $95,874 | $159,123 |
Source: Ownwell
Property Tax Bills Across Fence Lake, Cibola County, New Mexico
In Fence Lake, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Cibola County. The assessed value is determined by the county assessor and generally reflects a percentage of the property's market value. Homeowners in Fence Lake can expect a range of tax bills depending on their property’s valuation. For instance, the 25th percentile tax bill is around $97, while the 75th percentile tax bill can go up to $639. At the 90th percentile, homeowners might see tax bills as high as $1,162. Comparatively, the national median property tax rate stands at 0.99%, which helps put these figures into perspective. The highest median tax bill in the region is $299, found in the 87315 zip code. These property taxes fund essential local services such as schools, infrastructure, and emergency services, directly impacting the quality of life in Fence Lake. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Fence Lake Tax Bill
$299
Average Cibola County Tax Bill
$449
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Fence Lake, Cibola County, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87315 | $23 | $97 | $299 | $639 | $1,162 |
Source: Ownwell