Property tax in New Mexico: 0.7%
The median New Mexico homeowner pays $1,731 a year on a home worth $248,100, an effective rate of 0.7%. That ranks 34th of 51, between Mississippi (0.72%) and California (0.7%). At the median state's 0.8% the same $248,100 home would owe $248 more a year.
In dollars, New Mexico has the 15th-lowest median home value and the 11th-smallest median bill of the 51. By home value it sits between North Dakota ($249,900, taxed at 0.99%) and Nebraska ($238,600, 1.49%).
| Rank | State | Effective rate | Median bill | Median home value |
|---|---|---|---|---|
| 32 | Montana | 0.72% | $2,693 | $375,800 |
| 33 | Mississippi | 0.72% | $1,215 | $169,800 |
| 34 | New Mexico | 0.7% | $1,731 | $248,100 |
| 35 | California | 0.7% | $5,124 | $734,700 |
| 36 | North Carolina | 0.66% | $1,896 | $288,900 |
New Mexico property tax by home price
Statewide rate, before any homestead exemption.
| Home value | Per year | Per month | vs. median state (0.8%) |
|---|---|---|---|
| $125,000 (half the median) | $875 | $73 | −$125 |
| $248,100 (median) | $1,737 | $145 | −$248 |
| $370,000 (1.5× the median) | $2,590 | $216 | −$370 |
| $495,000 (twice the median) | $3,465 | $289 | −$495 |
Property tax by county in New Mexico
Bernalillo County (Albuquerque), the largest New Mexico county, has an effective rate of 0.95% — above the statewide 0.7%.
| County | Main cities | Population | Effective rate | Median home value | Median tax |
|---|---|---|---|---|---|
| Bernalillo County | Albuquerque | 674,357 | 0.95% | $268,500 | $2,544 |