Cedar Crest, New Mexico Property Taxes
The median property tax rate in Cedar Crest, NM is 0.76%, 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 Cedar Crest, the typical annual property tax bill reaches $201, well below the national median of $2,690. Property taxes in Cedar Crest 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 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 the city, 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
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$201
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 0.76%, which is lower than 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. The data below compares Cedar Crest's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 87008 has both the highest and lowest median property tax rate of 0.76%. Understanding how these cities compare with Cedar Crest provides valuable insights into the varying tax landscape across Sandoval County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cedar Crest Tax Rate
0.76%
Average Sandoval County Tax Rate
1.19%
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 | 0.76% | 0.76% | 0.76% | 0.76% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Cedar Crest, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cedar Crest, NM. The market value represents 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 Sandoval 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 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. For Cedar Crest, the median home price stands at $26,416, with the highest and lowest median tax bills both at $201 in the 87008 zip code. 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 Cedar Crest Assessed Value
$26,416
Average Sandoval County Assessed Value
$190,579
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 | $26,416 | $26,416 | $26,416 | $26,416 | $26,416 |
Source: Ownwell
Property Tax Bills Across Cedar Crest, New Mexico
In Cedar Crest, located in Sandoval County, NM, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor's office and is a percentage of the property's market value. For homeowners in Cedar Crest, the property tax rate is relatively low compared to the national median property tax rate of 0.99%. In this region, the median home price stands at $26,416, resulting in a consistent median tax bill of $201 across various percentiles. This uniformity means that homeowners can expect a predictable property tax bill, which simplifies financial planning. The factors considered in determining the tax bill include the property's assessed value and the local tax rate. For homeowners, this relatively low and stable tax bill can make owning property in Cedar Crest more affordable compared to other regions with higher property taxes. This predictability and affordability can be a significant advantage for both current residents and potential homebuyers.
Average Cedar Crest Tax Bill
$201
Average Sandoval County Tax Bill
$2,213
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 | $201 | $201 | $201 | $201 | $201 |
Source: Ownwell