Property Taxes in New Mexico
The median New Mexico property tax rate is 0.86%, which is notably lower than the national median of 0.99%. With a median home value of $121,540, the typical New Mexico property tax bill amounts to $1,192 annually. This is considerably less than the national median annual property tax bill. Property taxes in New Mexico are calculated based on the tax assessed value, which usually falls below the actual market value due to property tax exemptions, such as the primary residence or agriculture exemption. Understanding your county's specific property tax system, exploring property tax exemptions, and recognizing opportunities for property tax reductions can lead to significant annual tax savings. Whether you're in Albuquerque, Santa Fe, Las Cruces, or any other New Mexican locale, familiarizing yourself with the property taxes in your location can benefit homeowners and investors alike.
Last Updated June 14, 2024
New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,045
$970
Ownwell’s New Mexico Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in New Mexico with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in New Mexico to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a county or city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across New Mexico
Property taxes in New Mexico fund essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Mexico is 0.86% compared to the national median property tax rate of 0.99%. The tax rate is set by local government entities, and it can vary widely between different areas within the state. Each county estimates its required budget to provide services for the upcoming year, and then divides that by the total value of all taxable property within their jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell that is the process followed each year. Compare a New Mexico county’s effective property tax rate to other counties in the state or the US median property tax rate below. Bernalillo County has the highest property tax rate in New Mexico at 1.38%. Santa Fe County has the lowest property tax rate in New Mexico at 0.55%.
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Mexico
| County | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Bernalillo | 1.03% | 1.34% | 1.38% | 1.42% | 1.53% |
| Catron | N/A | N/A | N/A | N/A | N/A |
| Chaves | 0.56% | 0.74% | 0.90% | 0.93% | 0.93% |
| Cibola | 0.80% | 0.94% | 0.98% | 1.12% | 1.13% |
| Colfax | 0.55% | 0.67% | 0.76% | 1.00% | 1.00% |
| Curry | 0.69% | 0.77% | 0.85% | 0.85% | 0.85% |
| De Baca | 0.67% | 0.77% | 0.78% | 0.84% | 1.01% |
| DoaAna | 0.76% | 0.82% | 1.02% | 1.03% | 1.12% |
| Eddy | 0.45% | 0.56% | 0.67% | 0.76% | 0.83% |
| Grant | 0.50% | 0.52% | 0.60% | 0.65% | 0.78% |
| Guadalupe | 0.60% | 0.78% | 0.78% | 0.93% | 0.93% |
| Harding | 0.59% | 0.63% | 0.72% | 0.87% | 0.90% |
| Hidalgo | 0.39% | 0.45% | 0.62% | 0.71% | 0.79% |
| Lea | 0.69% | 0.78% | 0.89% | 0.93% | 1.02% |
| Lincoln | 0.57% | 0.78% | 0.99% | 1.05% | 1.37% |
| Los Alamos | 0.77% | 0.79% | 0.80% | 0.80% | 0.80% |
| Luna | 0.46% | 0.67% | 0.70% | 0.84% | 0.88% |
| McKinley | 0.77% | 0.98% | 1.20% | 1.26% | 1.26% |
| Mora | 0.47% | 0.55% | 0.58% | 0.62% | 0.76% |
| Otero | 0.53% | 0.63% | 0.80% | 0.86% | 0.86% |
| Quay | 0.69% | 0.83% | 0.98% | 1.10% | 1.10% |
| Rio Arriba | 0.41% | 0.66% | 0.79% | 0.83% | 0.88% |
| Roosevelt | 0.53% | 0.72% | 0.72% | 0.81% | 0.86% |
| Sandoval | 0.75% | 1.07% | 1.19% | 1.22% | 1.24% |
| San Juan | 0.73% | 0.78% | 0.83% | 0.86% | 1.01% |
| San Miguel | 0.42% | 0.70% | 0.78% | 0.98% | 1.01% |
| Santa Fe | 0.37% | 0.46% | 0.55% | 0.66% | 0.75% |
| Sierra | 0.71% | 0.74% | 0.77% | 0.81% | 0.90% |
| Socorro | 0.89% | 0.89% | 0.98% | 1.07% | 1.07% |
| Taos | 0.39% | 0.51% | 0.59% | 0.67% | 0.79% |
| Torrance | 0.65% | 0.72% | 0.80% | 0.83% | 2.25% |
| Union | N/A | N/A | N/A | N/A | N/A |
| Valencia | 0.71% | 0.83% | 0.84% | 0.99% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across New Mexico
When examining property taxes in New Mexico, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by factors such as location, property condition, and economic market trends. Market value is estimated by each New Mexico county assessor for tax purposes. The assessed value is then the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes, or the amount multiplied by your tax rate to get your tax bill. Assessment notices in New Mexico are sent in the spring each year. They should reach your mailbox typically by the end of April. Each property owner receives an assessment notice that contains both the market value and assessed value along with an estimate of your property tax bill. By providing insights into how assessed values and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in New Mexico. Los Alamos County has the highest median tax bill at $2,472, while Socorro County has the lowest at $102.
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Mexico
| County | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Bernalillo | $14,100 | $105,430 | $164,969 | $235,513 | $345,311 |
| Catron | N/A | N/A | N/A | N/A | N/A |
| Chaves | $10,000 | $34,180 | $70,868 | $135,262 | $226,542 |
| Cibola | $4,321 | $13,421 | $45,831 | $86,113 | $142,894 |
| Colfax | $13,679 | $40,779 | $80,911 | $189,218 | $347,950 |
| Curry | $5,657 | $35,942 | $106,130 | $189,471 | $261,054 |
| De Baca | $5,438 | $16,682 | $35,902 | $69,466 | $119,834 |
| DoaAna | $8,934 | $28,226 | $120,428 | $208,109 | $309,178 |
| Eddy | $4,807 | $12,721 | $48,197 | $139,686 | $287,365 |
| Grant | $4,197 | $9,836 | $54,932 | $136,638 | $227,393 |
| Guadalupe | $4,230 | $7,224 | $22,948 | $51,878 | $121,346 |
| Harding | $8,766 | $46,980 | $98,475 | $244,167 | $323,550 |
| Hidalgo | $6,960 | $14,282 | $36,636 | $69,252 | $120,958 |
| Lea | $7,725 | $21,383 | $54,759 | $124,777 | $213,912 |
| Lincoln | $6,489 | $21,936 | $90,750 | $210,885 | $518,088 |
| Los Alamos | $144,012 | $216,620 | $312,070 | $442,130 | $583,106 |
| Luna | $4,512 | $8,847 | $18,150 | $37,172 | $65,516 |
| McKinley | $7,360 | $20,020 | $79,030 | $142,850 | $214,792 |
| Mora | $7,323 | $25,528 | $61,740 | $116,628 | $179,427 |
| Otero | $43,998 | $71,876 | $117,358 | $188,645 | $278,400 |
| Quay | $4,139 | $11,522 | $31,267 | $69,447 | $129,075 |
| Rio Arriba | $2,766 | $6,747 | $17,854 | $48,000 | $103,845 |
| Roosevelt | $1,062 | $5,249 | $25,631 | $77,880 | $140,952 |
| Sandoval | $80,314 | $132,377 | $190,579 | $294,746 | $418,707 |
| San Juan | $5,587 | $25,104 | $93,508 | $172,747 | $257,175 |
| San Miguel | $5,468 | $22,795 | $75,272 | $147,405 | $232,498 |
| Santa Fe | $23,624 | $214,585 | $365,234 | $585,910 | $976,753 |
| Sierra | $5,064 | $13,995 | $44,145 | $97,429 | $166,058 |
| Socorro | $2,682 | $4,720 | $10,114 | $23,125 | $68,918 |
| Taos | $4,557 | $6,700 | $25,092 | $99,210 | $261,695 |
| Torrance | $4,461 | $8,850 | $24,245 | $71,916 | $126,453 |
| Union | N/A | N/A | N/A | N/A | N/A |
| Valencia | $3,615 | $10,476 | $25,479 | $75,036 | $121,413 |
Source: Ownwell
Property Tax Bills Across New Mexico
Property tax bills in New Mexico are calculated based on the assessed value of a property, which is typically a fraction of its market value. The state’s median home price is $121,540, and the property tax rate is applied to this assessed value to determine the tax bill. Factors such as property location, improvements, and exemptions play significant roles in this calculation. For instance, Los Alamos County has the highest median tax bill at $2,472, while Socorro County has the lowest at $102. Homeowners in New Mexico experience a wide range of property tax bills. For example, those in the 25th percentile pay around $331, whereas those in the 75th percentile face bills of up to $2,286, and the 90th percentile can see bills as high as $3,646. These variations can significantly impact homeowners, influencing their financial planning and decisions related to property investments. Understanding these factors and their implications is crucial for managing property-related expenses effectively.
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across New Mexico
| County | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Bernalillo | $1,189 | $1,730 | $2,460 | $3,505 | $5,145 |
| Catron | N/A | N/A | N/A | N/A | N/A |
| Chaves | $60 | $270 | $601 | $1,177 | $1,938 |
| Cibola | $40 | $131 | $449 | $871 | $1,437 |
| Colfax | $86 | $291 | $615 | $1,398 | $3,244 |
| Curry | $79 | $419 | $1,019 | $1,662 | $2,220 |
| De Baca | $44 | $130 | $297 | $628 | $1,256 |
| DoaAna | $85 | $287 | $1,201 | $2,062 | $3,014 |
| Eddy | $32 | $101 | $355 | $1,049 | $2,118 |
| Grant | $25 | $62 | $356 | $801 | $1,275 |
| Guadalupe | $33 | $59 | $178 | $438 | $1,018 |
| Harding | $63 | $343 | $705 | $2,191 | $2,787 |
| Hidalgo | $42 | $83 | $196 | $395 | $654 |
| Lea | $62 | $176 | $468 | $1,079 | $1,872 |
| Lincoln | $69 | $270 | $1,235 | $2,431 | $6,651 |
| Los Alamos | $1,136 | $1,709 | $2,472 | $3,516 | $4,683 |
| Luna | $35 | $70 | $141 | $285 | $520 |
| McKinley | $68 | $190 | $899 | $1,662 | $2,564 |
| Mora | $38 | $145 | $365 | $675 | $1,091 |
| Otero | $309 | $531 | $861 | $1,403 | $2,069 |
| Quay | $36 | $106 | $307 | $668 | $1,179 |
| Rio Arriba | $38 | $72 | $215 | $465 | $951 |
| Roosevelt | $8 | $37 | $181 | $599 | $1,019 |
| Sandoval | $821 | $1,497 | $2,213 | $3,366 | $4,747 |
| San Juan | $34 | $184 | $761 | $1,482 | $2,186 |
| San Miguel | $237 | $448 | $856 | $1,343 | $2,016 |
| Santa Fe | $155 | $1,000 | $1,886 | $3,256 | $5,441 |
| Sierra | $37 | $103 | $335 | $748 | $1,310 |
| Socorro | $27 | $48 | $102 | $225 | $681 |
| Taos | $24 | $45 | $178 | $742 | $1,852 |
| Torrance | $35 | $79 | $232 | $677 | $1,202 |
| Union | N/A | N/A | N/A | N/A | N/A |
| Valencia | $28 | $84 | $228 | $692 | $1,202 |
Source: Ownwell