Property Tax Rates & Rules
New Mexico has an average effective property tax rate of 0.63%, making it a mid-range property tax state. On a median-valued home of $285,000, the typical annual property tax bill is $1,795. Homeowners may qualify for a homestead exemption, which can reduce the taxable value of a primary residence. $2,000 head-of-household exemption available for primary residences. Senior citizens may qualify for additional exemptions or tax relief programs. If you believe your property is over-assessed, you have the right to appeal.
Assessment Method
Taxable value is one-third of the appraised market value.
Homestead Exemption Details
$2,000 head-of-household exemption available for primary residences.
Senior Exemption Details
Valuation freeze available for low-income seniors 65+; income limit approx. $41,000.
How to Appeal Your Assessment
File a protest with the County Assessor within 30 days of the mailing of the notice.
What is the property tax rate in New Mexico?
New Mexico has an average effective property tax rate of 0.63%. On a home valued at $285,000, the typical annual property tax bill is approximately $1,795. Rates vary by county — Los Alamos has the highest rates while Harding has the lowest.
Does New Mexico have a homestead exemption?
Yes. New Mexico offers a homestead exemption for primary residences. $2,000 head-of-household exemption available for primary residences.
How is property assessed in New Mexico?
New Mexico assesses property at 33.33%. Taxable value is one-third of the appraised market value. The assessed value is then multiplied by the local mill rate to determine your property tax bill.
How do I appeal my property tax assessment in New Mexico?
File a protest with the County Assessor within 30 days of the mailing of the notice.
Are there senior property tax exemptions in New Mexico?
Yes. New Mexico offers property tax relief for senior citizens. Valuation freeze available for low-income seniors 65+; income limit approx. $41,000.
When are property taxes due in New Mexico?
New Mexico property taxes are paid on a Two installments: December 10 and May 10.. Contact your county tax collector for exact due dates and payment options for your area.
How does New Mexico property tax compare to neighboring states?
New Mexico's average effective rate of 0.63% is close to the national average of approximately 1.1%. Use the comparison table above to see how neighboring states compare.
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Official Source
New Mexico Tax Authority
Last verified: 2026-03-31 · Always confirm current rates before making real estate decisions.