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 has a low effective property tax rate of 0.62%, ranking 42nd nationally. The state's modest home values and reasonable rates make it one of the more affordable states for property taxes in the Southwest.
New Mexico assesses residential property at one-third of market value. The 3% cap on annual assessment increases (for owner-occupied primary residences) protects homeowners from rapid spikes during hot markets.
| Home Value | Estimated Annual Tax | Monthly (Escrow) |
|---|---|---|
| $250,000 | $1,550 | $129/mo |
| $228,000 (median) | $1,414 | $117/mo |
| $600,000 | $3,720 | $310/mo |
New Mexico offers a $2,000 reduction in assessed value for head-of-family homeowners, a $4,000 exemption for qualifying veterans, and a low-income elderly/disabled program. The valuation cap is the most impactful protection for existing homeowners.
New Mexico property taxes are due November 10 (first half) and April 10 (second half).
Santa Fe County has the highest home values in New Mexico, while Bernalillo County (Albuquerque) has the highest total tax collections. Rural counties tend to have much lower effective rates and values.