New Mexico Property Tax Calculator
Use this free property tax calculator customized with New Mexico-specific tax rates, costs, and financial data.
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Frequently Asked Questions
What is the property tax rate in New Mexico?
The average effective property tax rate in New Mexico is 0.67%. On a home valued at $275,000 (the state median), this equates to approximately $1,843 per year in property taxes.
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. The effective rate averages 0.67% statewide, though rates vary by county and municipality.
Are New Mexico property taxes high compared to other states?
New Mexico's average effective property tax rate of 0.67% is below the national average, making it one of the more affordable states for property taxes. The national average effective property tax rate is approximately 1.1%.