New Mexico (NM) property tax rate: 0.62% | Median home: $285,000 | Median annual tax: $1,767
New Mexico is an affordable Southwest state with low property taxes. The average effective property tax rate in New Mexico is 0.62%, which is below the national average of 1.1%.
On the median New Mexico home valued at $285,000, annual property taxes come to approximately $1,767 or $147/month. This is a significant part of your total housing cost and should be factored into any home purchase budget.
Pro tip: New Mexico offers a Head of Household Exemption of $2,000 off assessed value.
Combined with New Mexico's state income tax rate of 5.9%, homeowners should consider the total tax picture. Property taxes in New Mexico are manageable and in line with regional averages.
See all New Mexico financial calculators:
New Mexico has an average effective property tax rate of 0.62%. On the median home value of $285,000, that equals approximately $1,767 per year or $147 per month.
Property taxes in New Mexico are calculated by multiplying your home assessed value by the local tax rate. The assessed value may differ from market value depending on your county assessment ratio. Exemptions like homestead exemptions can reduce your taxable value.
New Mexico offers a Head of Household Exemption of $2,000 off assessed value.
New Mexico property taxes are well below the national average of 1.1%. This is a genuine financial advantage for homeowners in New Mexico.
Property tax due dates vary by county in New Mexico. Most counties offer semi-annual payments. Check with your county tax assessor office for specific due dates. Late payments typically incur penalties of 1-2% per month.