New Mexico Property Tax Calculator 2026

Calculate property taxes in New Mexico. The average effective property tax rate in NM is 0.61%, which is below the national average of 0.89%. Estimate your annual property tax bill.

By Konstantin Iakovlev · Updated October 19, 2026 · Methodology

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Annual Property Tax

$2,135.00

Monthly Equivalent

$177.92

Effective Rate

0.610%

Property Tax Breakdown

Assessed Value$350,000.00
Homestead Exemption$0.00
Taxable Value$350,000.00
Annual Tax$2,135.00
Monthly Equivalent$177.92

Disclaimer: This calculator is for informational purposes only and does not constitute tax, financial, or legal advice. Results are estimates based on the information you provide and current rates. Always consult a qualified tax professional or financial advisor for advice specific to your situation.

New Mexico Property Tax Guide

Property tax in New Mexico is modest by national standards. The average effective rate is roughly 0.61% of a home's value, comfortably below the national figure of about 0.9%. The tax is assessed and billed entirely at the county level — your county assessor sets the value and the county treasurer issues and collects the bill — so the rate and the amount owed vary from one county to the next rather than being dictated from Santa Fe.

New Mexico assessments rest on a fraction of market value, and a head-of-family exemption along with a veterans exemption can shave the taxable amount for those who qualify. The state also limits how fast a property's taxable value can rise year over year, which cushions bills when local markets heat up. To rough out what you'd owe, take the assessed (taxable) value, subtract any exemptions you claim, and apply your county's local mill rate to what remains. Multiplying the value by 0.61% gives a quick statewide ballpark, but the county's own rate is what ultimately determines the bill.

New Mexico Property Tax Details (2026)

Avg. Effective Property Tax Rate 0.61%
National Average 0.89%
vs. National Average 0.28 points below
Estate Tax None
State Sales Tax 4.88%
State Income Tax progressive (up to 5.9%)

Official Sources:

New Mexico Property Tax FAQ

How much is property tax in New Mexico?
The average effective property tax rate is about 0.61% of a home's value, noticeably lower than the roughly 0.9% national average. On a typical home that works out to a relatively light annual bill compared with high-tax states. Actual rates differ by county, because the tax is set and collected locally rather than at the state level.
Who sets and collects property tax in New Mexico?
It is handled by the counties: the county assessor determines each property's value and the county treasurer sends out and collects the bill. There is no single statewide property tax rate, so two equally valued homes in different counties can owe different amounts. Questions about a valuation or a bill go to the county offices, not the state.
What exemptions can reduce a New Mexico property tax bill?
New Mexico offers a head-of-family exemption that lowers the taxable value for qualifying residents and a veterans exemption for eligible veterans and, in some cases, their surviving spouses. These trim the assessed value the tax is figured on rather than changing the rate itself. The state's annual cap on how fast taxable value can rise further limits increases over time.
How do I estimate my New Mexico property tax bill?
Begin with the property's assessed (taxable) value, subtract any exemptions you qualify for, then apply your county's local mill rate to the remainder. For a fast statewide approximation, multiply the value by 0.61% to mirror the average effective rate. Treat that 0.61% figure as a ballpark, since the county's own rate is what controls the actual amount due.

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