Cloudcroft, New Mexico Property Taxes
The median property tax rate in Cloudcroft, NM is 0.53%, 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 Cloudcroft at $132,153, the typical annual property tax bill is approximately $715, which is well below the national median of $2,690. Property taxes in Cloudcroft are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Cloudcroft's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to considerable annual savings. Whether you're in the heart of Cloudcroft or another part of Otero County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cloudcroft, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$700
$650
Ownwell’s Cloudcroft Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cloudcroft with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cloudcroft 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 Cloudcroft, New Mexico
Property taxes in Cloudcroft, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cloudcroft is 0.53%, which is lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Cloudcroft set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cloudcroft 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 Cloudcroft's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 88317 has both the highest and lowest median property tax rate of 0.53%. Understanding how these figures compare with Cloudcroft provides valuable insights into the varying tax landscape across Otero County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cloudcroft Tax Rate
0.53%
Average Otero County Tax Rate
0.80%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cloudcroft, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88317 | 0.53% | 0.53% | 0.53% | 0.55% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Cloudcroft, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cloudcroft, NM. 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 Otero 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 Cloudcroft, 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. For example, the highest median tax bill in Cloudcroft is $715 in zip code 88317. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cloudcroft Assessed Value
$132,153
Average Otero County Assessed Value
$117,358
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cloudcroft, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88317 | $41,868 | $73,656 | $132,153 | $213,127 | $326,949 |
Source: Ownwell
Property Tax Bills Across Cloudcroft, New Mexico
In Cloudcroft, property tax bills are calculated based on the assessed value of a home, which is determined by the Otero County Assessor's Office. The assessed value is a percentage of the property's market value, and this figure is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property improvements, market conditions, and location can influence the assessed value. For homeowners in Cloudcroft, the median home price is $132,153. Property tax bills in this area vary, with the 25th percentile tax bill at $395 and the 75th percentile at $1162, while the 90th percentile reaches up to $1746. The highest median tax bill in the area is $715, which is consistent across the zip code 88317. Compared to the national median property tax rate of 0.99%, homeowners in Cloudcroft may find their property tax rates to be relatively moderate. Understanding these factors helps homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Cloudcroft Tax Bill
$715
Average Otero County Tax Bill
$861
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Cloudcroft, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88317 | $222 | $395 | $715 | $1,162 | $1,746 |
Source: Ownwell