What is the property tax rate in New Mexico?

New Mexico has an effective property tax rate of 0.70%, ranking it #35 out of 50 states. The median homeowner pays $1,731 per year.

How are property taxes calculated in New Mexico?

Property taxes in New Mexico are calculated by multiplying the assessed value of your property by the local tax rate (millage rate). The effective rate shown here (0.70%) represents the median taxes paid as a percentage of median home value across the state.

Which county in New Mexico has the lowest property taxes?

Among New Mexico's 33 counties, Valencia County has one of the lowest effective property tax rates.

Does New Mexico have a homestead exemption?

Yes, New Mexico offers several property tax exemptions including: Head of Household, Over 65, Disabled Veteran. See the exemptions section above for details.

New Mexico Property Tax Rate

33 Counties

0.70%effective rate

New Mexico has an effective property tax rate of 0.70%, ranking it #35 among all 50 states. The median homeowner in New Mexico pays $1,731 per year in property taxes on a home valued at $248,100. This rate is 24% lower than the national average of 0.92%.

Effective Tax Rate📊

0.70%

#35 of 50 states

Median Tax Paid🏠

$1,731

Per year

Median Home Value💰

$248,100

2024 estimate

Total Counties📍

Population: 2,120,246

Property Tax Rates by County in New Mexico

Rank ▲	County	Effective Rate	Median Tax	Median Value
#1	McKinley County	2.00%	$1,574	$78,700
#2	Bernalillo County	0.90%	$2,629	$292,900
#3	Cibola County	0.80%	$1,003	$125,400
#4	Sandoval County	0.73%	$2,296	$313,800
#5	Mora County	0.72%	$885	$122,600
#6	Union County	0.70%	$859	$122,700
#7	San Juan County	0.68%	$1,317	$193,800
#8	Doña Ana County	0.67%	$1,480	$220,800
#9	Valencia County	0.62%	$1,374	$223,000
#10	Quay County	0.61%	$532	$87,200
#11	Socorro County	0.61%	$838	$137,500
#12	Chaves County	0.60%	$935	$156,400
#13	De Baca County	0.60%	$1,118	$187,500
#14	Curry County	0.59%	$1,017	$171,200
#15	San Miguel County	0.57%	$1,081	$188,500
#16	Los Alamos County	0.55%	$2,717	$495,800
#17	Otero County	0.55%	$902	$162,700
#18	Luna County	0.54%	$687	$128,000
#19	Lincoln County	0.53%	$1,246	$233,200
#20	Colfax County	0.52%	$867	$167,200

How New Mexico Compares

New Mexico

0.70%

National Average

0.92%

Neighboring States

Calculate Your Property Tax in New Mexico

Property Tax Calculator

Estimate your annual property tax based on your location and home value

State

County

Home Value

$50k$2M

Apply homestead exemption ($100,000 reduction)

Estimated Annual Property Tax

$2,100

$175/month · Rate: 0.70%

Home Value

$300,000

Taxable Value

$300,000

Effective Rate

0.70%

New Mexico Property Tax Exemptions

✓

Head of Household

$2,000 reduction in assessed value

Heads of household occupying primary residence

✓

Over 65

Assessed value frozen at current level

Homeowners age 65+ with modified gross income under $32,000

✓

Disabled Veteran

100% exemption for totally disabled veterans (up to specified value)

Veterans with 100% permanent service-connected disability

Nearby States

Arizona

0.48%

Colorado

0.48%

Oklahoma

0.80%

Texas

1.49%

Utah

0.52%

Frequently Asked Questions

Data Source: U.S. Census Bureau, 2024 American Community Survey 5-Year Estimates (the latest available). Effective tax rates are calculated by dividing median real estate taxes paid by median home value. Actual property tax rates may vary based on local taxing jurisdictions, exemptions, and assessment practices. This information is for general reference only and should not be used as a substitute for professional tax advice.