Santa Fe, Santa Fe County, New Mexico Property Taxes

Name: Property Tax Bills Across Santa Fe, Santa Fe County, New Mexico
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Santa Fe, NM effective property tax rate: 0.55%, significantly lower than the national median of 1.02%, but lower than the New Mexico state median of 0.86%.
Median Santa Fe, NM home value: $396,640
Median annual Santa Fe, NM tax bill: $2,086, $314 lower than the national median property tax bill of $2,400.

How are property taxes in Santa Fe County calculated?

Property taxes in Santa Fe, NM 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 Santa Fe’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Santa Fe, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Santa Fe, Santa Fe County, New Mexico Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.55%

Estimate Property Tax Bill

$2,182

$2,024

Ownwell’s Santa Fe Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Santa Fe with just two data points. By entering your property's estimated assessed value, our calculator applies Santa Fe’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 precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Santa Fe County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Santa Fe, Santa Fe County, New Mexico

Local government entities set tax rates, which can vary widely within a 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 Santa Fe’s effective property tax rate to other cities in New Mexico and the median property tax rates in New Mexico and the U.S.

Santa Fe County, home to the city of Santa Fe, has a property tax rate that stands out in New Mexico. The effective property tax rate in Santa Fe is notably lower than the national median, making it an attractive location for property owners. Within the county, tax rates can vary, with some areas experiencing slightly higher rates, while others enjoy lower rates. Despite these variations, Santa Fe remains competitive, especially when compared to national figures. For property owners looking to optimize their tax savings, understanding these local nuances can be crucial.

Property Tax Rates Across Santa Fe, Santa Fe County, New Mexico

Source: Ownwell

0.49%

0.56%

0.64%

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 Santa Fe Tax Rate

0.55%

Median Effective Santa Fe County Tax Rate

0.55%

Median Effective New Mexico Tax Rate

0.86%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Santa Fe, Santa Fe County, New Mexico

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
87501	0.34%	0.43%	0.55%	0.63%	0.73%
87505	0.37%	0.45%	0.53%	0.62%	0.71%
87506	0.37%	0.44%	0.52%	0.63%	0.75%
87507	0.37%	0.47%	0.58%	0.72%	0.78%
87508	0.40%	0.48%	0.56%	0.65%	0.72%
87502	N/A	N/A	N/A	N/A	N/A
87504	N/A	N/A	N/A	N/A	N/A
87540	N/A	N/A	N/A	N/A	N/A
87594	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across Santa Fe, Santa Fe County, New Mexico

When examining property taxes in Santa Fe, NM, 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 location, property condition, and economic market trends. The Santa Fe County Appraisal District 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.

In Santa Fe County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle 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 Santa Fe. For example, the median home price in Santa Fe is $396,640, with tax bills ranging significantly across the county. Zip code 87506 has the highest median home price at $659,808.

Property Tax Assessment Values Across Santa Fe, Santa Fe County, New Mexico

Source: Ownwell

$113,472

$386,640

$659,808

Median Santa Fe Market Value

$396,640

Median Santa Fe County Market Value

$365,234

Median New Mexico Market Value

$121,540

Median United States Market Value

$235,294

Property Tax Assessment Values Across Santa Fe, Santa Fe County, New Mexico

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
87501	$290,078	$388,779	$555,728	$883,292	$1,338,643
87505	$185,601	$301,193	$426,335	$652,971	$999,028
87506	$15,051	$229,564	$659,808	$1,286,539	$1,788,085
87507	$11,442	$80,956	$299,312	$393,781	$544,925
87508	$104,417	$331,735	$464,604	$626,975	$821,524
87502	N/A	N/A	N/A	N/A	N/A
87504	N/A	N/A	N/A	N/A	N/A
87540	N/A	N/A	N/A	N/A	N/A
87594	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across Santa Fe, Santa Fe County, New Mexico

In Santa Fe, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the local tax rate to determine the tax bill. With a median home price of $396,640, the property tax bill can vary significantly. In Santa Fe County, the tax bill ranges from $1,231 at the 25th percentile to $5,812 at the 90th percentile. This variation highlights the impact of property value and location on tax bills. Compared to the national median property tax bill of $2,400, Santa Fe's tax bills can be notably higher or lower depending on specific areas, such as zip code 87506, where the highest median tax bill is $3,360. Ownwell assists homeowners in reducing their property tax bills by providing expert property tax appeal and exemption services. By identifying potential savings and ensuring accurate property assessments, homeowners can potentially lower their tax liabilities, making homeownership more affordable.

Property Tax Bills Across Santa Fe, Santa Fe County, New Mexico

Source: Ownwell

$598

$2,115

$3,631

Median Santa Fe Tax Bill

$2,086

Median Santa Fe County Tax Bill

$1,886

Median New Mexico Tax Bill

$1,192

Median United States Tax Bill

$2,400

Property Tax Bills Across Santa Fe, Santa Fe County, New Mexico

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
87501	$1,212	$1,821	$2,901	$4,967	$7,805
87505	$847	$1,420	$2,201	$3,572	$5,664
87506	$100	$1,055	$3,360	$6,592	$9,331
87507	$82	$509	$1,514	$2,237	$3,164
87508	$518	$1,638	$2,533	$3,647	$4,932
87502	N/A	N/A	N/A	N/A	N/A
87504	N/A	N/A	N/A	N/A	N/A
87540	N/A	N/A	N/A	N/A	N/A
87594	N/A	N/A	N/A	N/A	N/A

Source: Ownwell