Cuba, New Mexico Property Taxes
The median property tax rate in Cuba, 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 the median home value in Cuba at $35,206, the typical annual property tax bill reaches $295, significantly below the national median of $2,690. Property taxes in Cuba 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 Cuba'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 Cuba 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
Cuba, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$278
Ownwell’s Cuba Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cuba with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cuba 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 Cuba, New Mexico
Property taxes in Cuba, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cuba is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Cuba set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cuba 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 Cuba's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87013 zip code has both the highest and lowest median property tax rate of 0.79%. Understanding how these cities compare with Cuba 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 Cuba Tax Rate
0.79%
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 Cuba, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87013 | 0.62% | 0.77% | 0.79% | 0.90% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Cuba, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cuba, New Mexico. 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 Cuba, 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. The median home price in Cuba is $35,206, with tax bills ranging from $106 at the 25th percentile to $1,059 at the 90th percentile. The zip code 87013 has both the highest and lowest median tax bill at $295. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cuba Assessed Value
$35,206
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 Cuba, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87013 | $3,940 | $10,399 | $35,206 | $73,664 | $127,720 |
Source: Ownwell
Property Tax Bills Across Cuba, New Mexico
In Cuba, located in Sandoval County, NM, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. 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. For instance, the median home price in Cuba is $35,206. Homeowners in Cuba can expect to pay property taxes that vary significantly. The tax bill for the 25th percentile is $106, while the 75th percentile tax bill is $626, and the 90th percentile tax bill reaches $1059. These figures highlight the range of property tax burdens faced by residents, depending on the value of their property. The highest and lowest median tax bills in the area both stand at $295, which is considerably lower than the national median property tax rate of 0.99%. This relatively low tax burden can be beneficial for homeowners, making Cuba an attractive location for property ownership.
Average Cuba Tax Bill
$295
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 Cuba, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87013 | $34 | $106 | $295 | $626 | $1,059 |
Source: Ownwell