Caballo, New Mexico Property Taxes
The median property tax rate in Caballo, NM is 0.76%, 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 $45,510 in Caballo, the typical annual property tax bill amounts to $301, significantly below the national median of $2,690. Property taxes in Caballo are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Caballo'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 Caballo or another part of Sierra County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Caballo, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$346
$321
Ownwell’s Caballo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Caballo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Caballo 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 Caballo, New Mexico
Property taxes in Caballo, 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 Caballo is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Caballo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Caballo 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 Caballo's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87931 zip code has the highest median property tax rate of 0.76%, while the same zip code also has the lowest median tax rate of 0.76%. Understanding how these cities compare with Caballo provides valuable insights into the varying tax landscape across Sierra County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Caballo Tax Rate
0.76%
Average Sierra County Tax Rate
0.77%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Caballo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87931 | 0.65% | 0.72% | 0.76% | 0.76% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Caballo, New Mexico
In Caballo, 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 Sierra 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 Caballo, 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 Caballo is $45,510, with the 25th percentile tax bill at $123 and the 75th percentile tax bill at $701. The highest median tax bill, found in zip code 87931, is $301. 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 Caballo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Caballo Assessed Value
$45,510
Average Sierra County Assessed Value
$44,145
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Caballo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87931 | $5,977 | $20,630 | $45,510 | $98,266 | $162,704 |
Source: Ownwell
Property Tax Bills Across Caballo, New Mexico
Property tax bills in Caballo, Sierra 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 instance, with a median home price of $45,510, the assessed value forms the basis for calculating the tax bill. The tax rate is then applied to this assessed value to determine the final tax amount. Several factors influence the tax bill, including property location, size, and improvements. In Sierra County, the tax bill varies significantly, with the 25th percentile at $123 and the 75th percentile at $701. The highest median tax bill in the area is $301, which is considerably lower than the national median property tax rate of 0.99%. This relatively low tax burden can make homeownership more affordable and appealing for residents. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Caballo Tax Bill
$301
Average Sierra County Tax Bill
$335
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Caballo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87931 | $39 | $123 | $301 | $701 | $1,234 |
Source: Ownwell