Cerro, New Mexico Property Taxes
The median property tax rate in Cerro, NM is 0.50%, 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 Cerro, the typical annual property tax bill reaches $164, significantly below the national median of $2,690. Property taxes in Cerro 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 Cerro'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 Cerro 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
Cerro, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$148
Ownwell’s Cerro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cerro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cerro 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 Cerro, New Mexico
Property taxes in Cerro, 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 Cerro is 0.50%, which is lower than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Cerro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cerro 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 Cerro's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 87519 has both the highest and lowest median property tax rate of 0.50%, matching Cerro's rate. Understanding how these areas compare with Cerro provides valuable insights into the varying tax landscape across Taos County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cerro Tax Rate
0.50%
Average Taos County Tax Rate
0.59%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cerro, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87519 | 0.43% | 0.45% | 0.50% | 0.61% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Cerro, New Mexico
In Cerro, 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 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 Cerro, 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 Cerro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 87519 has the highest and lowest median tax bill, both at $164.
Average Cerro Assessed Value
$29,643
Average Taos County Assessed Value
$25,092
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cerro, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87519 | $15,860 | $27,710 | $29,643 | $39,128 | $57,762 |
Source: Ownwell
Property Tax Bills Across Cerro, New Mexico
In Cerro, located in Taos County, NM, property tax bills are calculated based on the assessed value of a home. The local tax assessor determines this value, which is then multiplied by the local property tax rate to calculate the tax bill. For Cerro, the median home price stands at $29,643. The property tax rate is applied to this assessed value, which results in varying tax bills. For instance, homeowners in the 25th percentile of property values might see tax bills around $132, while those in the 75th percentile could pay approximately $253. The 90th percentile tax bill reaches up to $315. These tax bills ensure that local services such as schools, infrastructure, and emergency services are adequately funded. For homeowners, understanding these calculations is crucial as it directly impacts their annual expenses and can influence decisions on property investments. Compared to the national median property tax rate of 0.99%, Cerro's rates reflect the local economic conditions and property values.
Average Cerro Tax Bill
$164
Average Taos County Tax Bill
$178
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Cerro, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87519 | $75 | $132 | $164 | $253 | $315 |
Source: Ownwell