Property Taxes in New Mexico
Median New Mexico property tax rate: 0.86%, significantly lower than the national median of 1.02%.
Median New Mexico home value: $121,540
Median annual New Mexico tax bill: $1,192, $1,208 lower than the national median property tax bill of $2,400.
How are property taxes in New Mexico calculated?
Property taxes in New Mexico are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding your county's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you are in New Mexico, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.86%
Estimate Property Tax Bill
$1,045
$970
Ownwell’s New Mexico Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in New Mexico with just two data points. By entering your property's estimated assessed value, our calculator applies New Mexico's median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a more precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing homeownership costs in New Mexico. For those interested in more localized information, please scroll down to explore county and city-level trends!
Property Tax Rates Across New Mexico
Local government entities in New Mexico set tax rates, which can vary widely within the state. Annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its 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, this is the annual process. Below, you can compare a New Mexico county’s effective property tax rate to other counties in New Mexico or the U.S. median property tax rate. For instance, Bernalillo County has the highest effective property tax rate in New Mexico, at 1.38%, while Santa Fe County has the lowest, at 0.55%.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective New Mexico Tax Rate
0.86%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective United States Tax Rate
1.02%
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% |
| 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% |
| Valencia | 0.71% | 0.83% | 0.84% | 0.99% | 1.11% |
| Catron | N/A | N/A | N/A | N/A | N/A |
| Union | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across New Mexico
Understanding the distinction between "market value" and "assessed value" is crucial when examining property taxes in New Mexico. The market value is what a willing buyer would pay to a willing seller in an open and competitive market. Location, property condition, and economic market trends often influence it. Each New Mexico county assessor estimates the market value for tax purposes. The assessed value is 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, assessment notices are sent in the spring each year. They’ll typically reach your mailbox 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 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. For example, Santa Fe has the highest median home price at $365,234.
Median New Mexico Market Value
$121,540
Median United States Market Value
$235,294
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 |
| 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 |
| Valencia | $3,615 | $10,476 | $25,479 | $75,036 | $121,413 |
| Catron | N/A | N/A | N/A | N/A | N/A |
| Union | N/A | N/A | N/A | N/A | N/A |
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 a percentage of its market value. The state's median property tax rate is below the national median of 1.02%, resulting in a generally lower tax burden for homeowners. However, tax bills can vary significantly depending on location and property value. For instance, Los Alamos County has the highest median tax bill at $2,472, while Socorro County has the lowest at just $102. Homeowners in New Mexico can expect tax bills ranging from $331 at the 25th percentile to $3,646 at the 90th percentile, impacting their annual financial planning.
Median New Mexico Tax Bill
$1,192
Median United States Tax Bill
$2,400
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 |
| 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 |
| Valencia | $28 | $84 | $228 | $692 | $1,202 |
| Catron | N/A | N/A | N/A | N/A | N/A |
| Union | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell