Cochiti Lake, New Mexico Property Taxes
The median property tax rate in Cochiti Lake, NM is 0.59%, 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 Cochiti Lake at $153,460, the typical annual property tax bill reaches $873, significantly below the national median of $2,690. Property taxes in Cochiti Lake are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cochiti 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 Cochiti Lake or another part of Sandoval County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cochiti Lake, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$905
$840
Ownwell’s Cochiti Lake Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Cochiti Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cochiti Lake to estimate your property tax bill. This insightful tool provides a clear understanding of potential tax liabilities, empowering you to make informed financial decisions. For those interested in more detailed trends on a neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Cochiti Lake, New Mexico
Property taxes in Cochiti Lake, 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 Cochiti Lake is 0.59%, which is below the U.S. national median of 0.99%. Local government entities within Cochiti Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cochiti 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 Cochiti Lake's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 87083 has the highest median property tax rate of 0.59%, while the same zip code also has the lowest median tax rate of 0.59%. Understanding how these cities compare with Cochiti Lake 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 Cochiti Lake Tax Rate
0.59%
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 Cochiti Lake, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87083 | 0.51% | 0.55% | 0.59% | 0.62% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Cochiti Lake, New Mexico
In Cochiti 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 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 Cochiti 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 Cochiti Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $873, specifically in the 87083 zip code.
Average Cochiti Lake Assessed Value
$153,460
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 Cochiti Lake, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87083 | $100,177 | $124,138 | $153,460 | $195,216 | $248,739 |
Source: Ownwell
Property Tax Bills Across Cochiti Lake, New Mexico
In Cochiti Lake, Sandoval County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value is a percentage of the market value, reflecting the property's worth in the current real estate market. Homeowners in Cochiti Lake can expect property tax bills to vary significantly, with the 25th percentile at $651 and the 75th percentile at $1,181. The 90th percentile reaches up to $1,604, indicating that higher-valued properties face steeper tax bills. The median home price in Cochiti Lake is $153,460, and the property tax rate in the area must be considered to understand the overall tax burden. Compared to the national median property tax rate of 0.99%, homeowners in this region might experience differing levels of financial impact based on their property's assessed value. Understanding these factors is crucial for homeowners to budget effectively and anticipate their annual property tax obligations.
Average Cochiti Lake Tax Bill
$873
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 Cochiti Lake, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87083 | $528 | $651 | $873 | $1,181 | $1,604 |
Source: Ownwell