Cibola County Property Tax Rates
Cibola County Property Tax Rates
| Tax Type | Rate per $100 of Assessed Value |
|---|---|
| Residential | $0.8140 |
| Non-Residential | $3.2660 |
| Personal Property | $3.2660 |
In Cibola County, residential property owners are subject to a property tax rate of $0.8140 for every $100 of their assessed property value. Meanwhile, non-residential and personal property owners face a higher rate of $3.2660 per $100 of assessed value. It's essential for property owners to take note of these rates and make sure they understand their tax obligations to avoid any potential penalties or fees.
Example of Cibola County Property Tax Calculation
Cibola County calculates property tax based on the assessed value of the property. The assessed value of a property is determined by the County Assessor's Office, which takes into account factors such as the size of the property, its location, and any improvements that have been made to it.
To calculate the property tax for a property in Cibola County, one must first determine the assessed value of the property. For example, if a property is assessed at $100,000, and the tax rate for the area is 2%, the property tax would be $2,000. This means that the property owner would be responsible for paying $2,000 in property tax for the year.
It is important to note that property taxes in Cibola County are due on November 10th of each year. Failure to pay property taxes on time can result in penalties and interest charges. Therefore, it is important for property owners in Cibola County to make sure they are aware of the assessed value of their property and the tax rate in their area in order to properly plan for and pay their property taxes on time.
If you want appeal your property tax assessment - contact your local tax assessor.
Who sets property tax rates in Cibola County ?
Who sets property tax rates in Cibola County?
The Cibola County Commission sets property tax rates in Cibola County.
When are property tax rates set in Cibola County?
Property tax rates in Cibola County are set annually, typically during the budget approval process in June or July.
Below is a table summarizing the property tax rates for Cibola County in the fiscal year 2021:
| Property Type | Tax Rate (per $1,000 of assessed value) |
|---|---|
| Residential | 0.02500 |
| Commercial | 0.02500 |
| Agricultural | 0.02500 |
| Personal | 0.02500 |
It is important to note that property tax rates can vary depending on the property's location within the county and any applicable special assessments or exemptions. Property owners in Cibola County should consult with a tax professional or the county assessor's office for specific information regarding their property taxes.
Homestead exemptions in Cibola County ?
Here is the table with all the county specific Homestead exemptions and deductions in Cibola County, New Mexico:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Veteran's Exemption | Veteran or spouse of deceased veteran | $4,000 or $8,000 | Based on level of disability |
| Head of Household Exemption | Taxpayer who is head of household | $2,000 or $4,000 | Based on income and family size |
| Low-Income Exemption | Taxpayer with household income below $35,000 | Up to $4,000 | Based on income level |
| Senior Exemption | Taxpayer over 65 years old | Up to $4,000 | Based on income level |
| Religious Exemption | Property owned by religious organizations | Exempt | Must be used for religious purposes |
It's important to note that these exemptions and deductions are specific to Cibola County in New Mexico, and may not apply in other counties or states. Taxpayers should consult with their local tax assessor's office for more information on eligibility and specific requirements.
When is Cibola County Property Tax due ?
Cibola County Property Tax is typically due on November 10th of each year. However, if November 10th falls on a weekend or holiday, the due date is extended to the next business day.
There are several ways to pay Cibola County Property Tax. The most common methods include:
- Online Payment: Residents can pay their property taxes online through the Cibola County website. This service is available 24/7 and accepts payment through debit/credit cards or e-checks.
- Mail Payment: Property tax payment can be made through mail by sending a check or money order to the Cibola County Treasurer's Office. The address and payment instructions are available on the tax bill.
- In-Person Payment: Property tax payment can be made in person at the Cibola County Treasurer's Office during business hours. Cash, check, or money order are accepted.
It is important to note that failure to pay the property tax by the due date may result in penalties and interest charges. Therefore, it is recommended to pay the property tax on time to avoid any additional costs.
If you have more questions - contact your local tax collector.
How is Cibola County Property Tax penalty calculated ?
Cibola County Property Tax Penalty Calculation
Cibola County in New Mexico charges property tax to all residents who own property within the county. Failure to pay the property tax on time will result in a penalty charge. Here is an explanation on how the penalty charge is calculated.
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Initial Tax Bill: The initial tax bill for Cibola County property tax is usually mailed out in late November and must be paid by April 10th of the following year.
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Late Payment Penalty: If the tax bill is not paid on or before April 10th, a penalty charge of 1% of the total tax amount is added each month until the tax, plus penalty, is paid in full.
Example:
Let's say Mr. and Mrs. Johnson own a property in Cibola County and their property tax bill for the year is $2,500. They received their tax bill on November 30th, 2021, and the payment is due by April 10th, 2022. If they do not pay their tax bill by April 10th, 2022, the penalty calculation would look like this:
| Month | Tax Amount | Penalty |
|---|---|---|
| April | $2,500 | $25 |
| May | $2,525 | $25.25 |
| June | $2,550.25 | $25.50 |
| July | $2,575.75 | $25.76 |
| August | $2,601.51 | $26.02 |
| September | $2,627.53 | $26.28 |
| October | $2,653.81 | $26.54 |
If the Johnsons pay their tax bill plus penalty on October 31st, 2022, they would owe a total of $2,680.35.
It's important to note that failure to pay property tax for multiple years can lead to additional penalties and legal action. Property owners should ensure they pay their property tax on time to avoid penalties and legal issues.
We recommend contacting the Cibola County Tax Office or a local tax professional for the most up-to-date and accurate information.