Estimate your New Mexico property tax based on the state's 0.62% average effective rate. Enter your home value for an instant, free calculation.
Enter any tax exemption amount you qualify for in New Mexico
New Mexico keeps effective property tax rates below the national average. Homes are taxed on just one-third of market value, annual value growth is capped at 3%, and seniors can freeze their taxable value entirely.
Residential real property is assessed at one-third of appraised market value, so a $180,000 home has a taxable value of $60,000 before exemptions. Rates are set in mills by counties, municipalities, school districts, and special districts (the state levies none on homes). New Mexico caps annual increases in taxable value at 3%, with the cap lifted on sale or improvement.
| Home Value | Estimated Annual Tax | Monthly (Escrow) |
|---|---|---|
| $228,000 (median) | $1,414 | $118/mo |
| $250,000 | $1,550 | $129/mo |
| $600,000 | $3,720 | $310/mo |
Effective rates vary within New Mexico. These figures are median-tax-to-median-value estimates from U.S. Census ACS data (2019–2023 ACS 5-year (SmartAsset)) for some of the most populous counties:
| County | Effective Rate |
|---|---|
| Bernalillo County | 0.84% |
| Doña Ana County | 0.59% |
| Santa Fe County | 0.46% |
| Sandoval County | 0.71% |
| San Juan County | 0.63% |
| Valencia County | 0.56% |
| Lea County | 0.49% |
| McKinley County | 1.51% |
Among these counties, effective rates range from about 0.46% in Santa Fe County to 1.51% in McKinley County. Your actual rate depends on the local mill/millage set by your county, city, and school district.
New Mexico's main residential relief is the 'head of family' exemption, which reduces the taxable value of a primary residence by $2,000 (one per household). Because homes are taxed on one-third of market value, this removes $2,000 of taxable value. There's no broad percentage homestead exemption — the 3% valuation cap is the main ongoing limit.
Seniors 65+ and disabled owners who meet an income limit can apply for the value freeze, locking taxable value (the modified gross income limit is $44,200 for the 2026 order). The general veteran exemption rose from $4,000 to $10,000 of taxable value effective 2025, indexed thereafter, and veterans rated 100% permanently and totally disabled receive a full exemption on their primary residence — with a proportional exemption for lower ratings starting in 2026.
County treasurers mail bills around November 1. Taxes may be paid in two halves: the first is due November 10 (delinquent after December 10) and the second April 10 (delinquent after May 10). Delinquent taxes accrue 1% monthly interest plus penalties.
County assessors mail Notices of Value around April 1. An owner who disagrees may file a protest with the county assessor (or request an informal review) within 30 days of the mailing date. Protests are heard by the county valuation protests board, with further appeal to district court.
New Mexico's statewide average effective property tax rate is about 0.63% of home value, one of the lower rates in the country. Rates are set locally in mills, so effective rates range from roughly 0.46% in Santa Fe County to about 1.51% in McKinley County.
Residential property is assessed at one-third of appraised market value, and increases in taxable value are capped at 3% per year (resetting on sale or improvement). Exemptions like the $2,000 head-of-family exemption and veteran exemptions are then subtracted before the mill rate applies.
Bills are mailed around November 1 and can be paid in two installments: the first half due November 10 (delinquent after December 10) and the second April 10 (delinquent after May 10). Late payments accrue 1% monthly interest plus penalties.