Cimarron, New Mexico Property Taxes
The median property tax rate in Cimarron, NM is 0.86%, aligning with the New Mexico state median but lower than the national median of 0.99%. With the median home value in Cimarron at $49,630, the typical annual property tax bill amounts to $399, significantly below the national median of $2,690. Property taxes in Cimarron are determined based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Navigating Cimarron's property tax system, exploring available exemptions, and finding opportunities for reductions can result in substantial yearly savings. Whether you're in the heart of Cimarron or elsewhere in the city, a thorough understanding of the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Cimarron, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$427
$396
Ownwell’s CIMARRON Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in CIMARRON with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in CIMARRON 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 Cimarron, New Mexico
Property taxes in Cimarron, New Mexico, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Cimarron is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Cimarron set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cimarron 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 Cimarron's effective property tax rate to other areas in New Mexico and the national median. For comparison, the zip code 87718 has the highest median property tax rate of 0.90%, while the zip code 87714 has the lowest median tax rate of 0.86%. Understanding how these areas compare with Cimarron provides valuable insights into the varying tax landscape across Colfax County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cimarron Tax Rate
0.86%
Average Colfax County Tax Rate
0.76%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cimarron, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87710 | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
| 87714 | 0.65% | 0.79% | 0.86% | 0.86% | 0.90% |
| 87718 | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Cimarron, New Mexico
In Cimarron, 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 Colfax County Assessor's Office 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 Cimarron, 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. The median home price in Cimarron is $49,630, with tax bills ranging from $136 at the 25th percentile to $1,106 at the 90th percentile. The highest and lowest median tax bills are both $401 in zip code 87714. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cimarron Assessed Value
$49,630
Average Colfax County Assessed Value
$80,911
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cimarron, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87710 | $4,029 | $4,029 | $4,029 | $4,029 | $4,029 |
| 87714 | $8,023 | $18,646 | $49,836 | $84,662 | $136,759 |
| 87718 | $1,854 | $1,854 | $1,854 | $1,854 | $1,854 |
Source: Ownwell
Property Tax Bills Across Cimarron, New Mexico
In Cimarron, located in Colfax County, NM, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. The assessed value is a percentage of the property's market value, reflecting the estimated worth if sold under current market conditions. The tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For homeowners in Cimarron, the median home price is $49,630. Property tax bills can vary significantly, with the 25th percentile tax bill at $136 and the 75th percentile at $695. At the higher end, the 90th percentile tax bill reaches $1,106. This variability highlights the impact of property value and exemptions on the overall tax burden. Compared to the national median property tax rate of 0.99%, homeowners in Cimarron experience a relatively moderate tax rate, making it crucial for them to understand how these factors affect their annual financial obligations.
Average Cimarron Tax Bill
$399
Average Colfax County Tax Bill
$615
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Cimarron, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87710 | $36 | $36 | $36 | $36 | $36 |
| 87714 | $55 | $140 | $401 | $698 | $1,106 |
| 87718 | $17 | $17 | $17 | $17 | $17 |
Source: Ownwell