Recommend a Tequila in the 40 to 60 dollar range.

I am not an aficionado, I’m looking to get a decent bottle to add to my liquor cabinet. Hopefully something that is widely available.

The Ocho brand of tequilas should be fairly available and are quite good. I actually prefer white tequilas to the ages ones, but there is both the Plata (blaco) and the anejo available in your price range. The Don Julio Anejo is quite nice, too, at around $40.

What do you want to do with it? The answer’s going to depend on whether you’re looking for a nice mixing tequila or a sipping tequila.

Pardon me if the following sounds silly, but you did say you are not an afficionado and we are trying to assist.
Do you know whether you prefer a silver (clear) tequila, or gold? There are 3 basic types commonly available in the US:
[li]Blanco, AKA silver, is not barrel aged. It has a brighter, fresher flavor that is IMHO like a mild gin in that it’s a little light and herby.[/li][li]Reposado is aged a little, but less than a year, and starts picking up some of the rich barrel flavors.[/li][li]Anejo is aged in barrels more than a year and has (again, IMO) a richer, deeper, warmer, flavor closer to a whiskey and reminds me of a good cigar.[/li][/ul]
If you know which of these you prefer, I can make a few suggestions, or maybe it will help another tequilaphile to give you good advice.

I guess I’m thinking of a good all around bottle to have on hand as a host. More an attempt to add some variety to my liquor cabinet.

I have had tequilas that I’ve enjoyed sipping but for myself I prefer it in a margarita. If I was going to sip some tequila myself any of the three types tenacious j mentioned sound intriguing.

For just general usefulness and serving to undiscriminating guests, grab a bottle of Herradura and stop worrying about it.

Probably a good choice with Herradura. Milagro used to be more of an unknown (and I think better) in the past. That’s a bit cheaper; my local store has the various ages in the $20-35 range. Most people aren’t going to sit there and sip tequila, so if you’re planning on mostly making margaritas get a good blanco or perhaps a reposado (using an anejo is just throwing money away). Epicurious (for a quick idea) says that Calle 23 is a good value blanco, that Tres Agaves is the best (and best value) reposado for margaritas, and if you want to try sipping you can try Casamigos Blanco.

Now, I haven’t had many of these and my current tequila selection is mostly stuff you’re not going to get in the US, so I’m not sure how much more help I can be. Though I do like Chamucos and that should be available in the US.

3 to 5 bottles of Jose Cuervo.

This or a bottle of 1800 will serve you well.

$40 for a tequila to use as a mix? I’d spend maybe half that. At $40, I’m looking for sipping.

At our house, we prefer Cabo Wabo, also enjoy Patron, but to us Cabo is the best bang for your buck.

These do not have the turpentine after taste, that most tequilas have.

Any mezcal fans?

I am a fan of the Del Maguey line myself. Not for the op’s purposes, granted.

I’ve got a bottle of El Senorio reposado extra. Definitely still a mezcal, but somewhat smoother.

A lot of tequilas are no longer made from agave so if you want real tequila the first thing to look for is the Cien de Agave on the label. And I know it sounds silly but the best way to buy tequila is to look for the cheapest unknown Cien de Agave white tequila you can find, a nice dusty 12 dollar 750 ml like Cabrito or Barbaro stands up just fine to a 60 dollar Patron, even for sipping.

Tres Generaciones Añejo should fall within that range, and you’ll like it. It’s deliciously mellow, a sipping tequila.

I agree with most of the suggestions here and wouldn’t steer you away from any.
I don’t think you can go wrong with any of the standard Patron variations, although I think they are slightly overpriced as people think of them as a prestige brand.
We also had the Casamigos Anejo and it was really good. I don’t remember the price range for that one though.

I’d get a bottle of Reposado myself, because it’s probably more versatile than anejo or blanco tequila.

You can sip it if you feel like it, but you can also make margaritas and palomas with it if you so desire.

Cazadores and El Jimador are decent, if not spectacular, while Patron and Herradura are a step up from them, while still not astronomically expensive.