Cundiyo, New Mexico Property Taxes
The median property tax rate in Cundiyo, NM is 0.60%, 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 Cundiyo at $152,937, the typical annual property tax bill reaches $754, significantly below the national median of $2,690. Property taxes in Cundiyo 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 Cundiyo'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 Cundiyo 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
Cundiyo, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$918
Ownwell’s Cundiyo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cundiyo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cundiyo 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 Cundiyo, New Mexico
Property taxes in Cundiyo, New Mexico, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cundiyo is 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within Cundiyo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cundiyo 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 Cundiyo's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87522 zip code has both the highest and lowest median property tax rate of 0.60%. Understanding how these cities compare with Cundiyo provides valuable insights into the varying tax landscape across Santa Fe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cundiyo Tax Rate
0.60%
Average Santa Fe County Tax Rate
0.55%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cundiyo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87522 | 0.34% | 0.40% | 0.60% | 0.72% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Cundiyo, New Mexico
In Cundiyo, 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 Santa Fe 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 Cundiyo, 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 Cundiyo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Cundiyo is $152,937, with tax bills ranging from $486 at the 25th percentile to $1,337 at the 90th percentile. Interestingly, the zip code 87522 has both the highest and lowest median tax bill of $754.
Average Cundiyo Assessed Value
$152,937
Average Santa Fe County Assessed Value
$365,234
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cundiyo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87522 | $45,677 | $97,529 | $152,937 | $213,620 | $259,082 |
Source: Ownwell
Property Tax Bills Across Cundiyo, New Mexico
Property tax bills in Cundiyo, located in Santa Fe County, NM, are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the home. For example, with a median home price of $152,937, the assessed value will be a fraction of this market price. The tax rate is then applied to this assessed value to calculate the annual property tax bill. In Cundiyo, property tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $486, while at the 75th percentile, it rises to $996. At the 90th percentile, homeowners might see a tax bill of $1,337. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting homeowners by contributing to the quality of community services. Compared to the national median property tax rate of 0.99%, Cundiyo's property tax rates reflect the unique economic and market conditions of the area.
Average Cundiyo Tax Bill
$754
Average Santa Fe County Tax Bill
$1,886
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Cundiyo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87522 | $241 | $486 | $754 | $996 | $1,337 |
Source: Ownwell