Cordova, New Mexico Property Taxes
The median property tax rate in Cordova, NM is 0.79%, which is lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With a median home value of $28,359 in Cordova, the typical annual property tax bill is approximately $241, significantly below the national median of $2,690. Property taxes in Cordova are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Cordova's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Cordova or another part of Rio Arriba County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cordova, 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 Cordova Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cordova with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cordova 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 Cordova, New Mexico
Property taxes in Cordova, New Mexico, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cordova is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Cordova set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cordova 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 Cordova's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 87523 within Rio Arriba County has the same median property tax rate of 0.79%. Understanding how these cities compare with Cordova provides valuable insights into the varying tax landscape across Rio Arriba County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cordova Tax Rate
0.79%
Average Rio Arriba County Tax Rate
0.79%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cordova, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87523 | 0.42% | 0.63% | 0.79% | 0.79% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Cordova, New Mexico
In Cordova, 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 Rio Arriba 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 Cordova, 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 Cordova helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Cordova is $28,359, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $109, while the 90th percentile tax bill reaches $677.
Average Cordova Assessed Value
$28,359
Average Rio Arriba County Assessed Value
$17,854
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cordova, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87523 | $7,887 | $12,731 | $28,359 | $53,146 | $84,423 |
Source: Ownwell
Property Tax Bills Across Cordova, New Mexico
Property tax bills in Cordova, located in Rio Arriba County, NM, are calculated based on the assessed value of a property. The assessed value is determined by the local tax assessor and reflects a percentage of the property's market value. Homeowners in Cordova can expect their tax bills to vary significantly depending on the assessed value of their homes. For instance, the tax bill at the 25th percentile is $109, while at the 75th percentile, it rises to $417. At the 90th percentile, homeowners might see a tax bill as high as $677. These property taxes fund essential local services, including schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Cordova's tax rates can be considered relatively moderate. However, the impact on homeowners can be substantial, especially for those with properties on the higher end of the valuation spectrum. Understanding how these taxes are calculated helps homeowners plan their finances and anticipate annual expenses.
Average Cordova Tax Bill
$241
Average Rio Arriba County Tax Bill
$215
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Cordova, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87523 | $54 | $109 | $241 | $417 | $677 |
Source: Ownwell