2026 effective rate · 0.67% · well below the US average (0.99%)
New Mexico Property Tax Calculator
Estimate annual and monthly property tax in New Mexico. The state's effective property tax rate is 0.67% (one of the lowest in the US, vs the US average of about 0.99%). On a $228,300 median-value home, that works out to about $1,530 per year or $127 per month.
New Mexico median home property tax
$1,530 per year
$127 per month at the median home value of $228,300
Effective rate 0.67% times $228,300 = $1,530
New Mexico property tax at common home values
| Home value | Annual property tax | Monthly | % of value |
|---|---|---|---|
| $150,000 | $1,005 | $84 | 0.67% |
| $228,300 (median) | $1,530 | $127 | 0.67% |
| $250,000 | $1,675 | $140 | 0.67% |
| $350,000 | $2,345 | $195 | 0.67% |
| $500,000 | $3,350 | $279 | 0.67% |
| $750,000 | $5,025 | $419 | 0.67% |
Uses New Mexico's 2026 effective rate (0.67%). Actual taxes vary by county and exemptions. For full PITI mortgage estimate including taxes + insurance, use the New Mexico mortgage calculator.
New Mexico property tax overview
New Mexico has below-average property tax rates. Veterans exemption ($4,000) and head-of-household exemption ($2,000) available. Yield Cap limits annual taxable value increases to 3%.
New Mexico's effective rate of 0.67% ranks one of the lowest in the US nationally. Median annual property tax: $1,530. Median home value: $228,300.
New Mexico vs neighboring states
FAQs about New Mexico property tax
What is the property tax rate in New Mexico?
New Mexico's effective property tax rate is 0.67% (one of the lowest in the US, vs national average of ~0.99%). On a $228,300 median-value home, that's about $1,530 per year, or roughly $127 per month added to your housing cost.
How is property tax calculated in New Mexico?
Property tax = assessed value times the local mill rate (millage). The effective rate (0.67%) is what you actually pay as a percentage of market value, accounting for assessment ratios, exemptions, and millage. For a home valued at X, multiply X by 0.67% for an annual estimate.
When are property taxes due in New Mexico?
Property tax due dates vary by county within New Mexico. Most counties bill annually with either a single payment or two installments. Common payment deadlines fall in late summer (1st half) and late winter (2nd half). Check with your county tax assessor for exact dates and any escrow arrangements through your mortgage lender.
Does New Mexico have a homestead exemption?
New Mexico offers various property tax relief programs. New Mexico has below-average property tax rates. Veterans exemption ($4,000) and head-of-household exemption ($2,000) available. Yield Cap limits annual taxable value increases to 3%. Check with your county assessor for primary-residence exemptions and senior or disabled programs that may reduce your annual property tax bill.
How does New Mexico property tax compare to neighboring states?
New Mexico's 0.67% rate compares to: Colorado (0.51%), Oklahoma (0.85%), Texas (1.60%). Property tax burden can vary significantly between neighboring states — moving 30 miles across a state line can change your annual tax bill by thousands.
Can I appeal my property tax assessment in New Mexico?
Yes. Every US state including New Mexico provides a formal property tax appeal process. Steps: (1) request your property's assessment record from the county assessor, (2) gather comparable sales from your neighborhood, (3) file a formal appeal within the deadline (usually 30-60 days after assessment notice). Successful appeals typically save 5-15% on annual tax bills.
How can I lower my New Mexico property taxes?
Common strategies: apply for homestead exemption (primary residence), senior or disabled exemptions if eligible, veteran's exemptions, and appeal over-assessment. Track your county's assessment notices carefully and verify the appraisal matches recent comparable home sales. Avoid major visible upgrades right before reassessment dates.